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| Whether payment to unauthorised occupant for vacating the land is allowable as deduction as cost of improvement ? | |
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| Excerpt of query: | Whether payment made to the tenant for vacating the land in his possession just before its sale is allowable as cost of improvement or expenditure incurred in connection with transfer. Whether the position would be different if the tenant is in the nature of unauthorised occupant of land? |
| Sale of ancestral agricultural land after converting in to NA , how to compute the capital gains ? | |
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| Excerpt of query: | 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? |
| Whether distribution of capital asset at the time of dissolution of firm is covered ? | |
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| Excerpt of query: | 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? |
| Whether interest on compensation received under land acquisition Act is taxable ? | |
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| Excerpt of query: | AfterGhanshyam (HUF>[2009] 315 ITR 1 (SC), it was settled thatinterest received on compensation or enhanced compensation under section 28 of Land Acquisition Act, 1894 is not taxable being part of enhanced compensation itself Courts /tribunals have decided in favour of assessee on the basis Ghanshyam(HUF) consistently. However, P & H High Court in Mahender Pal Narang v. CBDT [2020] 120 taxmann.com 400 (Punjab & Haryana) decided against the assessee by relying on sections 56(2) and 57 of the 1961 Act. P & H High court while deciding against the assessee, dissented with Gujarat High Court Movaliya Bhikhubhai Balabhai v. ITO(TDS) [2016] 70 taxmann.com 45/388 ITR 343 (Guj.) Further, Hon’ble Supreme Court in Mahender Pal Narang v. CBDT [2021] 126 taxmann.com 105 (SC) dismissed the SLP by way of non speaking order against the above P & H High Court ruling. What is the correct legal position in this regard? |
| WHETHER APPEAL AND DRC AGAINST SAME ORDER PERMISSIBLE? | |
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| Excerpt of query: | 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 ? |
| Whether professional fee paid to obtain Private Equity is a revenue expenditure?. | |
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| Excerpt of query: | Whether professional fee paid to obtain Private Equity is a revenue expenditure?. |
| When an assessee buys and sells unlisted shares for trading if it exceed the prescribed limit is he liable to deduct TCS ? | |
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| Excerpt of query: | 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 Crores. Am I liable to deduct TDS or TCS on purchase and sale of unlisted shares? If YES, then WHY? |
| Whether ALL PRIZE MONEY TAXABLE UNDER SECTION 115BB EXCEPT THOSE EXEMPT U/S 10 | |
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| Excerpt of query: | 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 exemption benefit and slab rates. will be highly obliged to receive a earliest reply |
| Whether brought forward non speculative business loss can be adjusted against current year’s income from speculation? | |
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| Excerpt of query: | Whether brought forward non speculative business loss can be adjusted against current year’s income from speculation? |
| Accident compensation whether taxable? | |
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| Excerpt of query: | My client met with an accident in R.T. Nagar, Bangalore about 2 years back whose leg has been amputated in Columbia Hospital, Hebbal, Bangalore. The Court has awarded compensation of about Rs.12 lakhs which is still in the Court and the Court has not released the amount till date (17-5-2021). 2. I request you to please let me know:- a) Whether the compensation receivable from the Court has to be offered to tax for the Assessment Year 2021-22, b) Whether the compensation amount is taxable or exempt from tax. T.D.S. has been made by the BMTC Department. Kindly clarify. email ID: mnshank@gmail.com Mobile No.9448505885 |