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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  Can recovery proceedings be started against a Director of Limited Company ?

Can the Department can take recovery proceedings against a Director of Limited Company under section 179 of the Act for recovery of Tax due of the Company?

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  Whether launching of prosecution against a Director who is a senior Citizen and not involved in day to day Activities of the Company is held to be valid ?

Assessee is a Senior citizen , he was one of the Director in a company . The department has launched prosecution against all the Directors including the assessee. The assessee has moved an application for discharging him as he was not involved in day to day activities of the company . Magistrate, dismissed his application for discharge , what is the remedy ?

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  Can an Assessing Officer pass a final faceless assessment order , without passing a draft assessment order ?

Assessing Officer has passed the final order , without providing a draft assessment order . Can the assessee file writ petition against the order as the Assessing officer has not passed draft assessment order which is mandatory .?

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