The assessee is a partnership firm constituted by four partners having mainly stock in trade. The firm is reconstituted two partners of the firm have retired. The retiring partners are given stock in trade as their share the questions are as under: (i) The stock in trade given to the outgoing partner will be subject to capital gain or business profit, and it will be taxable in whose hands that is the hands of firm or the outgoing partner? (ii) The second question is , will it be capital gains or business profit, and income tax that has been paid,…
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What is a distinction between “Burden of Proof” and “Onus of Proof”?
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A is holding rural agricultural land since before 2001. Subsequently he has converted such land as NA land and now sold it. Question is which value should be consider for 2001? Agriculture land value or NA land value? Any other suggestion for computation of capital gains.
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Assessee is promoter and Builder. During the course of carrying of business, assessee accepted one time deposit from flat purchaser for future maintenance of the building. AO is of the opinion that it is taxable in the year of receipt, where as assessee is saying that is not taxable in his hands as assessee is only custodian and after deduction of expenses incurred for maintenance, will be handover the balance to society. What is the correct position?
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Whether the loan given to the subsidiary company is a “capital asset” within the meaning of section 2(14) of the Income Tax Act and any loss incurred on “assignment” of such debt to the third party can be claimed as a short term capital loss?
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Assessee is an individual and purchase flat with one developer . During the course of search at builder , some loose papers were found where noting about on money were recorded. The builder has stated that these noting are in respect of extra work carried out by contractor for flat holders and developer is only conduit between flat purchaser and contractor and has not received any money. However to avoid the litigation and buy peace he is accepting the noting and accordingly addition is made in the hands of builder . On the basis of such acceptance and assesssment order…
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Query: (i) Whether HUF will continue? (ii) Who will be karta of HUF as the male member is minor? (iii) Can the partition be made by the karta?
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Query:- (i) Can the surrender of stock be treated as undisclosed u/s 69 of the Act? (ii) Application of section 115 BBE is correct in law or it can be treated as business income taxable at normal rate? (iii) Is it possible to apply 115BBE by passing 154 order when section 69 is not applied?
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Mr Headache is a Non Resident Indian bought a house at Delhi, from original allottee in 2020. The registry and delivery of possession is given by the builder in November 2021 in the name of Headache's wife Mrs Migraine, as the stamp duty chargeable to ladies have concessional rate for total consideration of Rs 2 cr. Mr Headache sold his inherited house in Maharashtra in October 2022 where he made a capital gain of Rs 90 lakh chargeable to Income Tax. He has following query Is it allowed in FEMA to purchase a residential house in India by an NRI?…
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Company has opted for “Vivad Se Vishwas Scheme, 2020” and intends to pay the disputed tax under this scheme itself by 30.06.2021. However, the same could not be paid as on date. The Company had already filed the appeal to CIT(A). Company now intends to pay the taxes via said scheme in year 2024. Can company pay the said amount under the said scheme.
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Partnership firm, stock in trade , retiring partners ?