Whether compensation received for releasing the rented property is liable to tax ?

Sirs, We are one of the many tenants of public trust for more than 40 years. The trust tried to evict us earlier through the Court and the matter went up to Supreme Court where the decision was in our favor. Now the trust has proposed to pay us compensation through a compromise petition before the Small Causes Court. Will this compensation be taxable under Income Tax or Capital Gain or will be exempt as casual income?

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  Whether amount invested in renovation of new capital asset with in specified period is eligible deduction u/s 54F of the Ac?

Dear SIR, A person sells his plot and part of the sale proceeds are invested in the purchase of a partly built up house. Can he get exemption if remaining sale proceeds are invested in addition/renovation of the new capital asset within the stipulated period u/s 54F. Please advise.

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  Whether income accumulation under section 11 (2) for capital expenditure was added to total revenue and surplus once again accumulated , whether total accumulation be taxed ?

A charitable trust set apart certain amounts u/s 11(2) for FY 2012-13 for investment in Capital expenditure on Buildings. In years thereafter the trust kept incurring Capital expenditure on buildings but did not set off the accumulated amount against such capital expenditure. In FY 2017-18 the accumulated amount was added to the other revenue and its utilisation towards revenue and capital expenditure was adjusted against total revenue. Some surplus was again accumulated u/s 11(2) for FY 17-18. The AO wishes to tax the total accumulation for FY 12-13 u/s 11(3) and denying the benefit of expenditure on revenue and capital…

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  What is the principle of mutuality ?

Is it true that in a mutual concern, it can be said that there is no service element as no one can trade with himself? Any case law to support this proposition?

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  Can Karta of HUF total partition the HUF property and what are the implications under Direct tax and general Law ?

Q. Background: the assessee is Karta of HUF. He has sold the ancestral property and invested the entire consideration in HDFC credit Risk Debt Fund and availed the benefit of capital gain exemption in the year 2016 Now more than five years the amount lying in the said fund. At present the gain is substantial . Querist is a senior citizen above 85 years old. Queries: 1. If HUF encashes the fund whether liable to capital gains tax. If yes at what rate, whether indexation benefit is available. 2. HUF doesn’t have any other property can he total partition and…

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  Outstanding loan has not repaid as the name of the Company was strike of by the ROC , Whether the Assessing Officer can make addition u/s 41 (a) of the Act ?

HUF had taken loan from a company in which Karta is Director. The name of this company was automatically strike of by the ROC i.e. Closed. Now, the HUF cannot pay the loan as the company has been closed. HUF has received show cause notice for A.Y. 2018-19 why loan amount outstanding may not be added to your income u/s 41(a). HUF is ready to pay loan amount how to deal with this problem and case law may please be given. We seek your guidance.

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  Can the Assessing Officer disregard the valuation report submitted by the Assessee as per Rule 11UA of Rules ?

Assessee submitted valuation report as per Rule 11UA determining valuation of share at Rs.32/- per share. The Assessing Officer calculated Value of share as under: Share Capital - A Reserves & Surplus - B A + B divided by number of shares (c). The value came to Rs.22. The Assessing Officer made addition of Rs.10 i.e., Rs.32- Rs.22 in the hands of the company on the number of shares allotted by the company u/s 56(2)(viib) of the Act. Please let us know whether the addition is justified. Any case law in support of the assessee. Please guide us how to…

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  Whether the Assessee can request the DVO to make valuation report ?

Can assessee suo moto approach DVO for valuation, even if AO is not approaching DVO for the same?

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  whether the Assessing Officer continue with bank attachment , even after the assessee paying 20% of tax in dispute ?

The assessee has filed first appeal which is pending for final disposal , meantime the department has attached the bank account . The assessee has paid now 20% of tax in dispute . Whether the revenue will lift the attachment of bank account . If the revenue does not lift the bank attachment , what is the remedy available to the assessee?

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  Whether transfer of amount to sisters , which the assessee inherited from father is liable to tax .?

I just want to know, if am settling my sisters with an X amount for the property that I inherit from my father. Will that X amount is taxable or not?

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