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Whether liability of the private limited company can be recovered from the Directors of the said company?
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Whether adjustment of demand raised in earlier years against the refund of the current year can be made by the Assessing Officer without giving any notice u/s 245 of the Act?
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What is the effect of fresh assessment order passed by the Assessing Officer in pursuance to order passed by Tribunal, which is barred by limitation?
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The Assessee is Partner in the Partnership Firm. It earns Share of Profit, Remuneration & Interest on the Fixed Capital as well as Current Account from the Firm. The Assessee had taken Loan and invested the same as Fixed Capital as well as Current Account of the firm.
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a) Whether deduction u/s 54/54F is available to the assessee if the investment is made in the residential house in the name of son, out of capital gain/net consideration arose on acquisition of his inherited farmland (agriculture) by the Government? b) Whether son has to face any taxation on account of purchase of flat or any other tax consequences?
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In continuation to what has been discussed in question number three above what would be the accounting entries in books of account of the firm on recording the same. Will the firm would liable to pay tax again when the stock in trade is actually sold or can the firm rate increase the value of its stock in trade, to the extent, the excess amount paid to the outgoing partner.?
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In case of reconstitution of partnership firm, outgoing partner receives payment in cash in excess of the amount of capital in his name in the books of accounts of the firm, the same would be taxable under section 45(4) of Income Tax Act, 1961 as capital gains. This capital gains would be long-term or short-term where the firm has no capital assets? As Rule 8AA provides only with relation to capital asset. Whereas the excess amount received because of huge stock in trade in books of accounts.?
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In case a school, having turnover less than 5CR decided not to obtain renewal of 12AA/10(23C) then would he be liable for tax as per section 115TD as exit tax.?
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In case of a school whose aggregate turnover during the financial year is less than 5CR. Do the school have to submit a report in form 10B/10BB. Will the answer differ if school is not registered u/s 12AA/10(23C)?
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When notice u/s. 143(2) of the Income Tax Act was issued in the name of erstwhile existing company (amalgamating company) then whether the assessment order passed by the Assessing Officer in the name of amalgamated company is legal and valid?
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Liability of private Limited Company , recovery from Directors?