Answers On Category: Income-Tax
On 8-11-2016 at 7 p m , a partner withdrew a flat out of stock in trade of that firm at cost [mkt value was 10 times] The same was regd later in his name with a proper stamp duty on mkt value[10 times cost] is it liable to any tax under the Income Tax Act? Is it covered by PMLA ?
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Whether provisions of Sec. Sec. 56(2)(vii) (b) are applicable for Registered Agreement to sale between the land owner and developer. Since the word used in section are " property means the following capital asset of the assessee namely :- immovable property being land or building or both......... Can assessee context the issue on the ground that by executing agreement to sale , assessee has got the rights in property but not the immovable property by drawing the inference from various decisions in the context of 50C, where in it is held that the provisions of Sec. 50C are not applicable…
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Third-party evidence for making a reassessment of whether valid
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ITO added back the entire sale proceeds of the equity shares of unlisted shares of a private limited company. Transaction made during FY 2013-14. Those shares were purchased at almost the same time of sale. A nominal gain arises and added in to other income.
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If a retiring partner accepts a sum lesser than [capital -accmulated losses] what is tax impact on firm/LLP and partner post amended 45[4] etc ?
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Can a long lease be treated as a sale after abolition of section 269UA?
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can a trustee take huge interest free security refundable deposit for use of his land by is charitable trust ?
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Respected team, A trust which was formed in 1955 , provionally registered u/s 12AB filed application for registration u/s 12A(1)(ac)(iii) in form 10 AB with a delay of 10 days . The Pr CIT (exemptions) rejected the application as non maintenable on the ground that application ought to have been filed within six months prior to the expiry of the period of provisional registration . what is the recourse available to the trust , kindly elucidate.
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Asset seized u/s 132A on the spot liable to penalty u/s 217AAA and or 271[1][c] ?
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CBDT notified the e-Assessment of Income Escaping Assessment Scheme, 2022 vide Notification No. 18 on 29.03.2022 and accordingly notice u/s 148 to be issued through automated allocation, in accordance with risk management strategy formulated by the Board as referred to in section 148 of the Act. My query is about validity of proceedings where Jurisdictional Assessing Officer issued notice u/s 148. Kindly guide. Thanks
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withdrawal of a flat by partner