Assessee is partnership engaged in the business of constructions. Assessee is owner of land, which is acquired under Compensation under Right to fair, compensation and transparency in Land acquisition, rehabilitation and resettlement Act 2013. Assessee firm has Received compensation under this act amounting to Rs 100 Crores. Whether this amount is taxable under Income Tax in the hands of Firm. Pl guide.
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Can CIT denied the registration U/Sec. 12AA of Income Tax on the ground that the Trust has not started it's activities. The objects of the trust are charitable.
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Assessee "A" is an Individual engaged in the business of construction. Assessee is owner of land which is held as stock in trade having potential of 120000 sq. Ft saleable aera. He was in search of person who is having knowledge of development of big project and also have infrastructure as well as funds say "B" Both the parties "A and B" enter in to partnership to develop the said project in the year 2017. A is going to introduced the land in the firm and B is going to invest funds as well as his infrastructure for development as…
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An individual assessee filed his return of income for AY 2020-21;an immovable property in the nature of vacant low lying agril land in a panchayat area, was purchased by the assessee at a consideration of Rs.42.00 lakhs in the FY 2019-20;the stamp duty valuation was Rs.1.37 crores. The case was selected in CASS "Limited Category", with notice being issued u/s 143(2).The assessee participated in the assessment proceedings, offering his explanation regarding the anomaly. The assessing officer issued SCN invoking section 56(2)(x) in the hands of the assessee who vehemently objected to the triggering of the deeming provisions of section 56(2)(x)…
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Capital gains from a sale are deposited in capital gain’s account scheme and two years have passed from transaction date. Can I purchase an existing old home and renovate within 3 years, still claim 54f exemption? Will this be considered as construction of new residential house which gives 3 year time for this?
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Form: 5 has been issued under Vivad Se Vishwas Scheme settling demand arising from order u/s. 144 rws 147 for AY 2012-13. After that AO has issued notice u/s. 154 for change in tax demand arising from order u/s. 144 rws 147 for AY 2012-13. Whether AO can change demand when he has ascertained demand while accepting declaration under VsVs. ? Whether change in demand will affect already issued Form: 5? What the remedies to the assessee for remaining demand?
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In case of assessee who is engaged in construction activity, has incurred certain expenditure which he has claimed as revenue expenditure and included in the work in progress,as there was no sale. During the course of assemment proceedings AO completed the assessment by considering it as capital expenditure and he reduced the amount of such expenditure from the Work in progress. Assessee prepfered an appeal before CIT A on following ground : a. It is revenue expenditure only and claimed is correct and WIP is also correct. b. If it is not reevune expenditure, then allow it to be appropriated…
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Fact of Case: A foreign company (Germany) sold shares of an Indian company held by it to another foreign company (Germany). Applicable Provisions: As per para 4 of Article 13 of DTAA between India & Germany "Gains from alienation of shares in a company which is a resident of the contracting state may be taxed in that state". Section 9(1)(i) considers the income to accrue or arise in India if all income accruing or arising, whether directly or indirectly, through or from any business connection in India... or through the transfer of a capital asset situated in India. All other…
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WHETHER LIMIT OF Rs. 3 LAC MAXIMUM IS APPLICABLE ON PRIVATE EMPLOYEES OR ALLOWABLE LIMIT CAN BE EQUAL TO GOVERNMENT EMPLOYEE. SINCE CBDT HAVE NOT NOTIFIED ANY LIMIT LATER THAN YEAR 2002, WHAT SHOULD BE PRESENT POSSITION.
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Assessee is partnership firm engaged in buainess as trading in all types of jewellery and as a part of sales pramotion scheme, assessee declares that they will provide Silver of double the quantity on of the transaction of purchase of Gold ornament. Eg. Purchase by gold ornamant of 100 gms, the assessee will give 200 gms of silver free. Whether the provisions of TDS especially sec. 194R are applicable to such sales promotion schemes and if yes on which value the rate of perticular day?
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Compensation under Right to fair, compensation and transparency in Land acquisition, rehabilitation and resettlement Act 2013