. Advocate Shashi Ashok Bekal – Page 4 – Digest of case laws

Answers By Expert: Advocate Shashi Ashok Bekal
  MAT VS ECL UNDER IND AS
IS ECL required to be added back for MAT purposes if a company is covered by IND AS ?


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  LTCL vs LTCG
can LTCG on land be set off against LTCL in shares before the date of grandfathering was introduced ?


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  ICDS vs IND AS
when profit as per IND AS is more than one worked out under ICDS which will affect book profit under MAT ?


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  Maharashtra Project Affected Persons Rehabilitation Act, 1999
Is Maharashtra Project Affected Persons liable to capital gains on alternative flat allotted free?


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  CSR vs 80G
whether allowable or not ?


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  Summons under section 131(1A)
I have received IT department's summons under section 131(1A) for AYs 2016-17 and 2017-18 requiring me to disclose my financial interest in 2 foreign accounts that I held at that time, one was a foreign brokerage account and the other was a foreign pension account (IRA). I am still holding the brokerage account. As I was RNOR in both these years, hence I did not disclose my foreign income/assets in the IT returns that I filed for these years. Also, I was a NRI for 9 prior years, which is when I opened these accounts and all the funds deposited…


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  Section 271E- Penalty for failure to comply with the provisions of section 269T -Mode of repayment of loans or deposits
The assessee is a company wherein in the assessment completed u/s 143(3) of the Act for A.Y 2021-22, addition of Rs. 70,00,000/- was made u/s 68 of the Act on account of unaccounted cash loan repayments on the basis of noting on seize papers found during the course of search conducted in the year 2021-2022. The director of the company has accepted the above referred seize paper noting in his personal capacity. However, AO has made an addition of Rs. 70,00,000/- as undisclosed income in the hands of assessee company and similar addition has been made on the protective basis…


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  206C[1G]
Overseas Tour Package¬† includes "Expenses incurred on travel Expenses incurred for stay Expenses incurred for boarding or lodging Any expenditure of similar nature or in relation thereto"     Are these cumulative or even any one of them will be called overseas tour package ?       '                        


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  56[2]x
Does it include a flat which is never constructed by a builder even after execution of agreement ? Word "Recd" under this section¬† means what ?    


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  Percentage completion Method.
Assessee is partnership firm engaged in the business of development of housing project. It started residential housing project in the F.y. 2013-14 and decided to adopt project completion Method for recognizing revenue . In the F.Y. 2013-14 and 2014-15 assessee has not offered any income and capitalized all cost in WIP. In the 2015-16 search u/132 was carried out at business premises , managing partner in the statement recorded u/sec. 132(4) has stated that he was not aware about offering of income on % completion Method and he accepted that he will offer income computed as per Guidence Note issued…


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