S. 45 : Capital gains-Division of property to avoid family dispute-Capital gains is taxable in the hands of Individual and not HUF. [S. 4, 171]
S. 45 : Capital gains-Division of property to avoid family dispute-Capital gains is taxable in the hands of Individual and not HUF. [S. 4, 171]
S. 44BBA : Air craft-Non-residents-Gross receipts-Service tax-Fiduciary capacity-Service tax was to be excluded from gross receipts while computing total income of assessee on presumptive basis.
S. 43CA : Transfer of assets-other than capital assets-Full value of consideration-stock in trade-Agreement value-Stamp valuation-First proviso to section 43CA inserted by Finance Act, 2020 with effect from 1-4-2021 is applicable retrospectively-Difference recorded between sale value of flats sold by assessee and stamp value of such flats was within 10 per cent margin-Addition is deleted. [S.50C]
S. 43B : Deductions on actual payment-Developer-External Development Charges-External Development Charges (EDC) to HUDA authority-Not a tax/duty/cess/fee, hence, does not attract provisions of section 43B-Allowable as deduction [S. 37(1), 145]
S. 43B : Deductions on actual payment-GST liability-Directly shown in balance sheet-Failure to pay before filing of return u/s. 139(1)-Disallowance is justified. [S. 139(1), 145A]
S. 43(5) : Speculative transaction-Derivative transactions-Futures and options transactions in recognized stock exchange through SEBI registered share broker-Loss allowable as business loss. [S. 43(5)(d), 73]
S. 40A(3) : Expenses or payments not deductible-Cash payments exceeding prescribed limits-Wrongly shown by tax auditor in the report-Expenditure was not claimed as deduction-Addition is not valid. [S. 28(i)]
S. 40(a)(ii) : Amounts not deductible-Rates or tax-Education cess is not allowable as deduction. [S. 37 (1)]
S. 40(a)(ia) : Amounts not deductible-Deduction at source-Contractors/sub-contractors-Payments to Making charges-Manufacturing of gold and silver jewellery-Wastage left with goldsmiths-Not liable to deduct tax at source. [S. 194C]
S. 40(a)(ia) : Amounts not deductible-Deduction at source-Rent paid to various parties-Less than Rs. 1,20,000 to each party-Remanded to the Assessing Officer for verification. [S. 194I]