In Vora Financial Services Pvt Ltd Vs ACIT (ITAT Mumbai) at para no 32 observed as under: Accordingly we are of the view that the provision of section 56(2)(viia) should be applicable only in the case of where the receipt of share becomes property in the hands of recipient and the shares shall become property of the receipt only it is is shares of any other company, In the instant case the assesses herein has purchased its own shares under the buy back scheme and same has been extinguished by reducing the capital and hence the test of becoming property…
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Assessee is a partnership firm engaged in the business of developing of housing project eligible for deduction u/s 80IB(10) of the Act. They have developed the project which is commenced as per Commencement Certificate received in April,2007 and the project is completed as per completion certificate dated 31.03.2012. In the A.Y 2013-14, assessee earned net profit of Rs. 2.5 crores. As per the advice of the Tax Consultant, assessee firm has paid the AMT u/s 115JC on this profit as same is eligible for deduction u/s 80IB(10) of the Act. However, while uploading the return could not upload Form 10CCB…
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Assessee is partnership firm. Assessment was completed by the Addl. CIT, Mumbai. Assessee has filed an appeal before CIT A Mumbai, who has decided an appeal and deleted some addition and on some issues partly allowed an appeal . Assessee has filed an appeal against the said order of CIT A , before the ITAT Mumbai. Meanwhile assessee has shifted his office to Pune . Department has filed an appeal against the order of the CIT A on the issues where CIT has given full relief as well as part relief before the ITAT pune as the now filed is…
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Sir, In response to notice u/s 148 issued after 01/04/2021, reply by way of objection to re opening without following the due procedure prescribed quoting Delhi, Chennai High court decisions and also , filing of return without prejudice to objection, in response can be done simultaneously? pl advice. what is the due date for completion of re assessment in cases where notice is issued after 01/04/2021. Kindly enlighten.
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Tenanted Flat in the name of Grand Father Cost of Acquisition: Not Known Grand Father Expired in the Year 1972 Permanent Alternate Accommodation Agreement (PAAA) Between My Father (Only Legal Heir) and Land Owner cum Developer registered on 26.12.2013 Value of the flat as per Stamp duty Authority as on 26.12.2013 was Rs. 12.86 Lakhs Condition in PAAA: Tenancy Will Surrender only on receipt of possession New flat on Ownership Basis My Father Expired on : 07.01.2018 Full OC received on : 25.03.2021 Possession of new flat on ownership basis handed over to Legal Heirs on 26.05.2021 New flat sold …
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When Writ petition in High Court, can assessment proceedings completed?
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Is it the section 50C applicable in the case of Tenanted properties.
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Client Assessment was completed under 143(3) and appeal was filed and later opted for Vivad se vishwas scheme. Taxes paid. Now PCIT issues SCN under section 263 for reopening of Assessment for the same issue higher quantum. Is it permitted?
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There is demerger of one undertaking (out of 3). Transferor co. paying Self assessment tax while filing pre-merger position return. Revised the return for post-merger position to be filed after receipt of NCLT order. While filing revised return, there is going to be a refund in the transferor company and tax to be paid additionally for the transferee company. We want to make use of the tax paid earlier by the Transferor company, (relating to the demerger undertaking) for the Transferee company so that no need to pay tax once again nor refund is claimed. What is the procedure to…
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Can I claim deductions and exemptions in return filed in response to notices u/s 148 of the Act even though I have not filed my original return u/s 139.
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56(2)(10) in case of Buy back of shares