With regard to valuation of unlisted shares, while considering the immovable property as per Rule 11ua at Stamp Duty Value the resulting share price is in negative number. Because the Guideline value is less than its Book Value. So, can we consider Book Value or Guideline Value whichever is higher for immovable property in valuation of unlisted shares as Rule 11ua provides only for Stamp Duty value w.r.t immovable property.
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Whether an individual tax payer can claim deduction u/s 80IBA against his share of business income in a revenue sharing JV for affordable housing projects? If yes, conditions required to be fulfilled.and any case laws on the same.
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Assessee is Private Limited co ,engaged in manufacturing of spices and pickles , has filed the ROI declaring loss for AY. 2018-19 amounting to Rs 2620000,/ - which includes Dep of Rs. 6 lakhs . It has also carried forward Business loss of Rs. 6 lakhs and Depreciation loss of 15 lakhs . Case was selected for scrutiny assessment and AO completed the assessment u/sec. 144 by computing loss at zero and making addition of Rs 20 lakhs u/sec. 68 of the Act on the ground that assessee has not responded to notices issued by AO. Whether action of the…
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I WOULD LIKE TO KNOW HOW MANY CASES ARE PENDING AS ON 28TH JULY 2023 AT ITAT AND CIT APPELAS?
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My client is a Kaccha Artia in Anaj Mandi (Grain Market) which sells goods on Dami (Commission) on auction in Anaj Mandi to soyabean solved plant. The Transaction is as follows: – Sale price = 100000/- + Commission = 2000/- + Market Board Fee = 100 total = 102100/- . The buyer is deducting TDS u/s 194H on Rs.102100/- and if the purchase value goes above 5000000 lakh through out year after that they deducting TDS u/s 194Q on total purchase value.Now Section 194Q has been inserted since July 2021. Therefore the buyer has starting deducting TDS under both the…
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If I submit without attaching documents by mistake...can I submit re respond
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Question: when capital asset converted into stock in trade tax implication on gain. understand a point of capital asset converted into stock in trade tax calculation , also here two heads tax implies one is business income and second is capital gain . for business income the tax is accordance with slab rate when the actually stock in trade sold, and in other hand capital gain arise after indexation benefit. here one question arise would i eligible for exemption for capital gain if i invested such money U/S 54,54F,54EC etc within 6 month from actual sale of such stock in…
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if judgment itself contained that this judgment related to only this case and fact , then this judgment not applicable to other cases pending for the same reasons ?
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Assessee is a Trust filing return in ITR 7. While filing the ITR 7 for the F.Y. 2021-22 in SCH IE-4 due to oversight assessee missed to fill up the "Amount applied for objective". However, assessee filled up for Gross annual receipts and Balance accumulated in SCH IE-4. Later the assessee received office communication to submit a response u/s 143(1)(a)(ii) We submitted a response. Later the assessee received an intimation order by CPC (treating the amount that we missed to fill up in the "Amount applied for objective ") as Income From Other Sources u/s 143(1) Kindly advise whether this…
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A family trust having income by way of mainly dividend income. Share is defined and all their individual incomes are over maximum amount not chargeable to tax. Question is whether in the case of surcharge the portion of dividend income will be restricted to 15% as per finance act or full 37% need to be charged or it will depend on surcharge slab as per total income.
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Immovable property valuation under rule 11UA of the income tax act