After amendment to the above sections, is it still permissible to buy 2 adjoining flats with a common entrance/kitchen etc because each flat is too small for a person ? any case law after amendment ?
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I am a farmar in village owning 5 acres of agricultural land in Jind district of Haryana, which is being cultivated by me and my husband. My husband is a state government employee. We also having 2 cows and 4 buffaloes along with 4 youngers of them. Totally 10 cattles. Income from sale of milk in village (neighborhood) is approximately 10,000/month and some times Ghee is also sold which comes to average of 3000/month. Total income from wheat and rice crop is approximately 6 lakhs and from sale of milk and ghee is 1.5 lakhs. When a cow or buffalo…
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An assessee is owning old residential house and also plot of land. Both the assets are long term capital assets. Assesseee wants to sell plot of land and from the sale proceeds, assessee will demolish old residential house and wants to construct new house. Can assessee claim Long term capital gains exemption u/s. 54F arisen from sale of plot against the construction of new house in place of old demolished house . Also As the construction of new house will require handsome amount, Assessee's Daughter in law which she is also having Plot of land will sell said plot and…
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Assessee is LLp having 8 partners, engaged in business of construction. Is having 4 diffrent housing project . One project which is eligible for deduction u/sec.80IBA of which profits are shared equally. Remaining 3 projects which are not eligible for deduction u/sec.80IBA , they have decided to share profit sharing ratio in diffrent ration as per their mutual understanding due to involvement of partners, capital contribution by the partners . Issues : 1. Whether this arrangement is permissible under LLP act as well as Income Tax Act 2. Whether credit of AMT paid on project can be use against tax…
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Assesseee is trader of goods and duly register under GST Act. During the course of search of other party , cheque book of the assessee has been found and even accountant of the assessee has accepted that the sales effected to party are only accommodation entry. Ao during the course of assessement of assesssee has rejected books of accounts of the assessee and proposed to tax 5% of total transcation with the party where search conducted as estimated income in the hands of assessee . Is action of the AO is justified and whether assessee can submit that the 5%…
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Respected Sir, A company opted for concessional tax rate u/s 115BAA for AY 2020-21, did not file form 10 IC even within the extended period of 30/06/2022. It is faced with tax demand from CPC, what steps can be taken by the company to get the concesional tax u/s 115BAA
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We have Filed IT return for FY 2021-22 with deduction u/s 80IBA. and no option to file 10CCB was available that time as well. Now, Notice received saying you claimed deduction u/s 80IB and not filed for 10CCB. so not allowed for deduction. what action to tackle on this?
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Assessee is charitable trust having registration under Bombay Public Trust and U/Sec 12A of the Income Tax. The main object of the trust is of Educational activities. The trust has constructed a building with the support of corpus donations. However could not commenced the Educational activities and therefore given the said property on rental basis to another trust having similar object. Issues : 1. How to offer income from rent for Tax ? Whether it is income from house property or Income by claiming exemption U/sec.. 11 of Income Tax Act. 2. How to maintained books of accounts of mercantile…
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Assessee is individual and engaging in carrying the administration of funds of group. while doing so he accepts the funds from the group concerns and individuals on the interest rate of 12% p.a and provide the funds to the Group concerns and individuals who are in need of the funds and charged the interest @14% p.a. Assessee has also his own capital which he is utilizing for this purpose only. Assessee has offered the net income as income from business and profession .There is no direct nexus between the funds borrowed and funds given to sister concerns. During the course…
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Assessee is private limited co , which is 100% subsidiary of listed Public Limited co. In the scrutiny proceedings for A.Y. 20-21, Assessing officer has show cause as to why the Share Premium received by the company in the financial year 2010-11 and 2012-13 and 2013-14 should not be added by invoking the provisions of Sec. 56(2)(viib) , since as per his interpretation the words used " any previous year" in the section authorizes him to make such addition. Assessee submitted that these provisions are not applicable for the share premium received in the F,Y, 2010-11 and 12-13 and even…
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54/54F