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| Long Term Capital Loss on Equity | |
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| Excerpt of query: | Whether the taxpayer has the option to apply indexation on long term capital loss incurred on sale of listed equities? |
| AOP and FIRM | |
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| Excerpt of query: | Firm take PAN under AOP status wrongly can file ITR under ITR 5 as Partnership firm and can claim the same benefit as partnership firm i.e tax rate of 30% |
| 50C, Stamp valuation | |
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| Excerpt of query: | IS 50C applicable to sale of a flat between relatives below SDV ? |
| 194R | |
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| Excerpt of query: | Hotel bills zomato at MRP of food zomato pays after receiving sums from patrons . However, difference varies as per type of credit card used by patron. Is 194R applicable on variable difference ? [commission to zomato is separately paid by hotel ]. |
| applicability of section 9b or 45(4) | |
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| Excerpt of query: | on reconstruction of a partner ship firm weather section 45(4) or section 9B is applicable when capital asset is transferred to a retiring partner |
| Time Limit for passing an order U/S 148A(d) | |
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| Excerpt of query: | Assessee has received Notice for showing causes as to why order for reassessment should not be issued against the assessee dated 22 March 2023 The AO has passed order dated 25 March 2023 The provision read under provides time limit of 30 Days from the end of the month in which reply has been made Does the order passed becomes void-ab-initio as the month of Reply has not ended yet? or the Time limit given only provides an upper limit and not range of dates? Regards, |
| 45[3] | |
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| Excerpt of query: | Introduction of a land by a partner in AOP doing building work Is it eligible for 45[3] or not? |
| gift to nephews | |
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| Excerpt of query: | a firm has 2 partners who are real brothers . They wish to gift a depreciated office of the firm to first son of third brother and non depreciated building of the firm to another son of 3rd bro, firm has running business too for the existing partners . Any tax liability any other section like 56 [2]/45 etc in the hands of firm, partners and 2 sons of 3rd brother ? can firm give gift as above ? |
| Non- resident and section 144C | |
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| Excerpt of query: | Non residents are now eligible assessee u/s 144(15) for the purposes of draft order & for approaching DRP in case of adverse order. Whether same procedure would be warranted at the time of processing of return filed by Non Resident . Prima facie, answer is in affirmation as there is nothing to suggest that section 144C applies only to 143(3) / 144 assessment . (ii) if the case of non-resident is also a search case , how the direction of DRP and approval u/s 153D would reconcile |
| Sec.271D penalty | |
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| Excerpt of query: | During the course of assessment proceedings, AO notice that in some loan transcation assessee has accepted loan in Cash and assessee has also given confirmation from the lender that he is assesssed to tax and disclosed the transcation in his books of accounts. Assessment U/Sec. 143(3) was completed on 31.03.22 by accepting Returned income. There is no mentioned about contravention of provisions of Sec. 269SS of the Act. On 10.05.2022, he made a reference to Joint CIT about contravention ofprovisions of sec. 269SS and initiation of penalty proceedings u/Sec. 271D of the Act. The JCIT o 10.06.22 initiated penalty proceedings and sent a show case notice asking the assessee as to why penalty should not be levied for contravention of provisions of Sec.269SS. Assessee has replied that since the AO has made reference to JCIT for initiation of penalty proceedings U/sec. 271Dafter completion of assessment proceedings , penalty proceedings initiated by JCIT is bad in law. Whether assessee view is correct ? If yes, are there any judicial support for this contention. Pl guide . |