In case of an HUF of 3 persons with one as Karta and the other two as co-parceners, what happens to the HUF when the two co-parceners expire? Can the HUF continue? What is the tax treatment in such a case?
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A private limited company sells 26% of its shares to a person who purchases the solar power generated by the company. Can the shares be sold at face value, as the shares will be bought by the sellers on termination of the contract
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Assessee is a Trust running school, whose gross receipt falls under Rs. 5cr. For a.y. 23-24 the assessee trust filed it's ITR u/s 139(4C) belatedly on 30.10.23 and claimed exemption u/s 10(23c)(iiiad). In Schedule IE-4, following details were filled : Annual gross receipt - 50L Amount applied for objective - 48L Balance accumulated - 2L In Part B2 of Part B - TI : exemption amount claimed u/s 10(23C)(iiiad) - 2L Now, the assessee has received adjustment notice u/s 143(1)(a)(ii), which says : "Income due to disallowance of exemption under clauses of Section 10 entered at Sl No. 3 of…
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Assessing officer has passed the Assessment order U/SEc, 144 of the Act by making an addition of Rs. 5 Cr on account of unproved purchases after getting an approval form the Addl.CIT. However, the approval granted by Additional CIT U/Sec.153D of the Act does not contain Document Identification Number (DIN) which according to the Assessee is in contravention to CBDT Circular No.19/2019 dated 14.08.2019. Assessee has filed an appeal before CIT and has taken the ground that The assessment order passed U/Sec.144 of the Act is bad in law and void ab intio on ground that the approval granted by…
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Assessee is developers of the real estate and is having unsold units in the projects developed by him. In respect of unsold units completion certificate from the competent authority has been received in the year 2015-16. Assessing officer has made the addition on account of deemed rent in the hands of assessee in the A.Y. 2018-19 and he has relied upon the provisions of Sec. 23(5) which are applicable for 1.04.2018. Assessee has submitted that Sec. 23(5) is beneficial provision and applicable form 1.04.2018 and therefore two years moratorium period given in the SEc. 23(5) is applicable and therefore no…
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if a non-resident Indian residing in America transfers money from his own NRO/NRE A/c in India to his own bank A/c in America, whether provisions of TCS will be applicable?
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In one of the Assessment Proceedings for the Assessment Year 2018-19, The Faceless Assessment Unit has considered Income from Intraday Trading in Equity and Income from Trading in Futures & options as Short Term Capital Gain. The Assessee has considered Income from Intraday Trading in Equity as Speculative Business Income and Income from Trading in Futures & options as Normal Business Income which in my opinion is correct. Whether the below noted contention of the Assessment Unit is correct? Contention of the Assessment Unit: "Since the assessee is an Employee of a PSU, the Profit from Intraday trading in Equity…
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Appeal to ADMN/ Team of Inhouse Lawers/ CAs(: There has been No UPDATE, till now, on the STATUS of such claims for REFUND, of excess surcharge auto-calculated and collected by the CPC (SYSTEM),- learnt to have been lodged with CPC ,by aggreived taxpayers in acordance with/following the REVENUE's GUIDANCE NOTE released through the ITD Portal ?! None is aware of any good reason for the undue delay in settling the legitimate claims ! Solicit a response ! Request for initiation of proactive steps /effective representation from your side, at least now, to the FM/CBDT , and close follow-up , to…
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Assessee is Developers and builder . Search action U/sec. 132 has been conducted and during the search the record of unrecorded transaction for last 10 years was found . assessee has also filed the declaration Under IDS 2016 , can he take the benefit of IDS declaration vis a vis income generated in the years worked out on the basis of data of unrecorded transaction prior to IDS . pl guide
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A land is acquired by Municipal corporation for general public utility such as road, garden. Said acquisition is obtained by registered document and registrar inform said transaction under SFT with ready reckoner value. Said document is showing payment in form TDR as consideration. Subsequently said TDR are sold. My questions are: Whether received TDR is taxable as capital gain in year when land is transferred to corporation. If yes at what value being subsequent sale of TDR is much of lower value than shown consideration in sale deed. Whether provisions of 50C are applicable to allotted TDR. Said TDR are…
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HUF status after all coparceners expire and only Karta remains alive