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Messages - ketanvyas1975

Discussion / RTI and Income Tax
June 23, 2012, 10:02:41 AM
In the assessment order, addition has been made but some of the details have not been disclosed. We want to take recourse to RTI for such details. Can any one give the relevant decisions of Central information Commission which may be helpful in seeking the information.
Discussion / Re: Merger of two partnership firms
May 16, 2012, 04:13:10 PM
It means that the partners of the firm can fix the consideration equal to the networth or near about that. What are the chances that this slump sale get taxed? is there any other provision or methodology y which the AO can otherwise levy tax?
Discussion / Re: Merger of two partnership firms
May 10, 2012, 12:32:30 PM
The idea of perpetual tenancy is really fine. i am checking the stamp duty provisions in this regard.

In case of slump sale in my case, i feel section 50C will not apply becasue the firm has many other assets like stock, debtors, loans and advances etc. the value of which is significant and at par with the value of immovabale properties. The fact is that both the firm are having its running business with registration with government authorities. The reason behind the merger is to reduce the administrative burden of maintaining two firms and government procedures of returns and assessment etc.

I agree that there is no provision for replacing fair market value. However, i have a doubt regarding applicability of section 55A in the situation as the slump sale will tak place betweeen two related parties.
Discussion / Re: Merger of two partnership firms
May 09, 2012, 05:32:27 PM
Thanks for your valuable views. Since there are two firms and we want to convert them into one, i think that slump sale of ongoing business by one firm to another firm can be done. This will perhaps reduce the tax burden. The firm has many immovable properties and hence itemwise sales may not be beneficial due to application of section 50C. However, i have two concerns in this regard (1) can we fix the sale consideration as per the net worth? Whether the A.O. can raise isues of valuation of the undertaking ? (2) what will be stamp duty implications?

If you have any better alternative, kindly suggest. Thanks again
Discussion / Re: Merger of two partnership firms
April 21, 2012, 10:38:36 AM
learned friends, i once again urge to give me some guidnace in the matter as i am confused regarding the taxability. Thanks.
Discussion / Merger of two partnership firms
April 09, 2012, 05:51:51 PM
I am having two partnership firms wherein all the partners are common and their profit sharing ratio is also same. I want to merge both the firm into one or that i want one firm to take over all the assets and liabilities of another firm so that the another firm may be closed down. My query is whether any tax effect will arise in such a case? If yes, what should be best model for such an arrangement so that tax liability is reduced to minimum. If possible, kindly guide me about stamp duty implications also.
Discussion / Assessment on other department's move
March 10, 2012, 12:40:56 PM
In one of my client's case, there was a search by excise department and a show casue notice has been issued which is pending for adjudication. The adjudication is likely to take little long due to voluminous material and other evidences. on the basis of this show casue notice alone, the income tax department completed regular assessment and reassessments of my cleint for different years and raised demands and also started recovery. The appeals have been filed. My question is such an assessment based solely on other department's mere show casue notice is valid and permissible? is there any other effective way than appeal which is likely to take long time? The department will not grant full stay so is there any other way to keep the demand in abeyance? Kindly give your views with supporting case laws. Thank you in advance.