1. Where there is only change in profit or loss sharing ratio of existing partners and no change in partners, will it get hit by section 9B? 2. Where there is only change in sharing ratio of existing partners in the assets and liabilities of the firm without any change in profit or loss sharing ratio, will it get hit by section 9B? 3 Where there are both sharing changes as above among existing partners ,will it get hit by section 9B. In all above cases no one is receiving any capital assets or stock in trade and same partners…
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Asst u/s 143(3) was framed by income tax officer ( ITO) for the Asst year 2013-14. Now notice u/s 148 is issued by Deputy commissioner of income tax (DCIT) . Is it valid notice.
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Assessee sold ancestral agricultural land after converting it to NA in 20-21. Agricultural Land was converted to NA plots in 2016-17. All the plots were sold in one go. For the purpose of calculation of capital gain, while taking cost of acquisition as on 01.04.2001 as per S. 55(2)(b)(i), which SDV is to be taken – applicable to agri. land or NA land as on 01.04.2001? Is it possible to take cost of acquisition as on date when the land was converted to NA?
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In view of newly amended section 9B and Section 45(4) by F.A. 2021, whether there is any difference in terms – Dissolution vis-à-vis reconstitution? Section 9B refers to cases of reconstitution or dissolution whereas; s. 45(4) only refers to reconstitution. Whether the amended section 45(4) is applicable to case of dissolution of firm?
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Is it possible to file an appeal against certain additions and for some other additions approach DRC u/s 245M if all the other conditions of this section are satisfied ?
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Whether professional fee paid to obtain Private Equity is a revenue expenditure?.
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I am buying and selling unlisted equity shares for more than Five years. In view of circular no. F. No. 225/12/2016/ITA.II dated 2nd May, 2016, I am treating the gains/losses thereon as Capital Gains. I have been consistently been following this system of treating trades in Unlisted shares as Investments and Capital Gains. For year ended 31st March, 2021 my sale of unlisted shares exceeded say 12 Crores. My business turnover from FNO in Listed shares is less than say 3 Crores. As I showing trades in Equity Shares as Capital Gains my turnover from Business is less than 3…
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A number of corporate organizes competition based on real world problems. The topics are like: The corporate will have a panel ,who will judge the best solution and accordingly prize money will be awarded. i am attaching the paper of one such competition from gsk pharmaceuticals ltd. i wanted to know, whether these receipts also will be considered for the purpose of section 115bb in the hands of recipient .In my opinion, these receipts are not lottery, nor any games or race. so it should not be taxed under section 115bb but should be in the normal course with the…
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Property is taken in the name of wife but cost borne by husband,the property is rented and proceeds credited to wife accounts....in whose hand will it be taxable....whether clubbing provisions will be applicable
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Company amortize lease premium paid for leasehold land every year in its books of account and got disallowed while computing the taxable income under the provision of Income tax act considering the same is a capital expenditure. However no adjustment has been made while computing book profit u/s 115JB of Income tax act. Accordingly book profit is lower to that extent. The AO added back the same. How to proceed, please guide.
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When there is change in profit sharing ratio whether provision of section 9B read with S.45(4) and 48 of the Act is attracted ?