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 and share of any other company fails in this case. Accordingly we are of the view that the tax authorities are not justified in invoking the provision of section 56(2) (viia) for buy back of own shares. query-In this case the difference per share was small Rs 6.80 (Rs 32.8minues 26). There was no valuation rules. The assess had given its own valuation report which was near Rs 26.  This case was for Assessment year 2014-15 when this section was applicable to only Individual and HUF. On buyback the shares become property of Company and then same is cancelled / extinguishes. Please confirm that after the introduction of section 56(2)(10 ) to company this judgment holds good. Is there any adverse judgment on this issue. Any reference is filed against the above judgment

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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 for this assessment year due to problem in the software. However, submitted hardcopy of the said Form before the AO. The return was processed u/s 143(1) of the Act and the deduction u/s 80IB(10) was disallowed. Aggrieved by this order, assessee has filed appeal before CIT(A) and the claim of the deduction u/s 80IB(10) was allowed. While filing an appeal before CIT(A), the assessee has failed to raise the ground regarding inapplicability of provisions of section 115JC as the said provision is applicable from w.e.f 01.04.2013 prospectively, and to the projects claiming deduction which have come or approved on or after 01.04.2013. As the profit of the assessee firm in the A.Y 2013-14 is in respect of the Housing Project approved and completed before 31.03.2012. Kindly guide in respect of following: a. Whether the assessee should file an appeal before the ITAT on the ground that assessee failed to raise the ground of appeal relation to applicability of section 115JC of the Act and hence the issue could not be adjudicated by CIT(A)? or b. Whether application u/s 264 should be filed as the assessee firm while filing the return of income has paid the AMT u/s 115JC mistakenly? In both these options, there is a delay in filing which will be more than 2 years.

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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 transfer to Pune. From the 2012, assessee has made request to President of ITAt  for transfer of CASE from ITAT Mumbai to ITAT Pune since there are cross appeal. However said application before President is still pending. On enquiry , it is told that same is pending due to decision of Mumbai HC in the case of MSPL 127 Taxmann.com 379. Appeal of the department file before Pune ITAT has been fixed since it is old appeal, and Bench is not accepting the request for Keeping in abeyance the hearing till the decision of Presindent on request of transfer of assesee,s appeal to Pune from Mumbai. Can assessee take the stand that since original AO is from Mumbai the department should also filed an appeal at Mumbai . Pl guide

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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  on 12.08.2021 Query: Nature of Capital Gain…Whether it is short term or Long considering in the hands of Legal Heirs. Any benefit of Indexation available

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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 transfer Tax credit from one company to another. A department’s instruction is enclosed which is meant for officers to follow the procedure and procedure for the assessee is not clear.

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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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