Recent posts

#61

Discussion / Re: Conference of NATP(Nationa...

Last post by Cordon6 - February 06, 2020, 01:52:31 PM

Hello friends recently I have visited USA in order to attend conference of NATP, it was a great session, I am fully amazed, observing the respect to the verdicts of Highest Judicial Fora, the lower Judicial officers pay great respect to the mycfavisit observations made by the Apex Body, they completely bow down to the guidelines, irrespective of their personal benefits. When i hung around and took a survey, I found the reason behind this respect and that is the respect to the concept of Rule of Law, Rule of law is a concept developed by AV Diecy in his book Constitution of London way back. All the legal luminaries be the judicial officers and be the practitioners, follow the concept of rule of law. It is not merely in the interest of judicial system, they said, but also in the interest of nation, since FDI in those countries would not come where there is no rule of law. For example the present position of lndia, people think that judgments of ITAT r buried only here in India but I found that each and every judgment be it on penny stock be it on section 68, be it on transfer pricing have been analyzed at length by the in house legal brains of the Foreign players who explore the environment of a state before investing in that state, in fact i got a shock of 440 Volt when I found that are watching the transfer and posting of members at Important stations tellgamestop. One of them shown me the data of last 10 years transfer of posting and also the judgment of Ajay Gandhi. I was surprised to see this minuscule research of the professionals of foreign investors. They openly said why one would invest in such a country where there is no respect of rule of law, as ultimately the investor would suffer and incur losses. Similarly there are so many other things they have shown to me which would when confront to the Govt of India here then a chaotic situation may arise. They really appreciate the ITAT Bar of Bombay which a Committee of Ethics.   

Yes it is applicable. As the section 50C speaks of transfer. transfer from one person to another person. Here in the case cited, the transfer is from coperative society to its member. both are distinct and separate persons as per incometax Act. Therefore, sec 50C is applicable.

#62

Discussion / Re: Assessments in the year of...

Last post by Kasey00 - February 04, 2020, 01:16:33 AM

In the year of the death section 159 will comes into existence and along with it section 168 comes into existence if property is not distributed to legal heirs

Within three months of her appointment, the executor must give the probate court an inventory of the estate's finances. The inventory identifies all property and assets of the estate at the time of death.

#63

Discussion / Re: Penny stock and sebi penal...

Last post by Kasey00 - February 02, 2020, 09:30:34 PM

TA 631/2017, dated 28/8/17. Gautam Jhaveri GUJ H C

Held, Past penalty by SEBi has no relevance to evidence on record for year under consideration.

R K Patel

I remember Jordan Belfort by seeing this.Penny stocks are so much volatile.

#64

Discussion / Re: Whether cross gifting conc...

Last post by Kasey00 - February 01, 2020, 12:06:39 AM

There is no prohibition under Income Tax Act upon cross gifting thus it can also be used as measure for cash deposits made during  demonetization period.

As the said currency notes ceased to be a legal tender which made it obvious that no transaction in the demonetized currency notes can take place after the effective date of demonetization.

The answer to the question whether a transaction in the demonetized currency done by a party after the effective date of demonetization can be considered as a benami transaction or not, will depend upon the transaction and the intention of the parties.

#65

Collection of important & evergreen judgements, circulars, articles etc / Other Electronic Modes of Paym...

Last post by sujittalukder - January 31, 2020, 11:44:56 PM

Vide Notification No. 08/2020 dated 29.01.2020, the CBDT has amended the Income Tax Rules, 1962 and inserted new Rule 6ABBA to prescribe for other electronic modes of payments as prescribed for certain sections of the Act as per amendments introduced by the Finance Act, 2019.
https://www.taxcorner.co.in/2020/01/other-electronic-modes-of-payments-prescribed-under-the-income-tax-act.html

[As per section 269SU, only the installation of the requisite facilities of the prescribed modes pf payments will not suffice. A compliance report should also be required to be furnished on the e-filing portal.]

#66

Collection of important & evergreen judgements, circulars, articles etc / Section 269SU - Online Complia...

Last post by sujittalukder - January 29, 2020, 08:46:10 PM

As per section 269SU, only the installation of the requisite facilities of the prescribed modes pf payments will not suffice. A compliance report should also be required to be furnished on the e-filing portal.

Click to read more..... https://www.taxcorner.co.in/2020/01/section-269su-online-compliance-report-on-e-filing-account.html

#67

Discussion / Whether cross gifting concept ...

Last post by ASRAO - December 11, 2019, 02:45:37 PM

There is no prohibition under Income Tax Act upon cross gifting thus it can also be used as measure for cash deposits made during demonetization period.

#68

Discussion / Conference of NATP(National As...

Last post by Ashish kumar - September 26, 2019, 07:07:29 PM

Hello friends recently I have visited USA in order to attend conference of NATP, it was a great session, I am fully amazed, observing the respect to the verdicts of Highest Judicial Fora, the lower Judicial officers pay great respect to the observations made by the Apex Body, they completely bow down to the guidelines, irrespective of their personal benefits. When i hung around and took a survey, I found the reason behind this respect and that is the respect to the concept of Rule of Law, Rule of law is a concept developed by AV Diecy in his book Constitution of London way back. All the legal luminaries be the judicial officers and be the practitioners, follow the concept of rule of law. It is not merely in the interest of judicial system, they said, but also in the interest of nation, since FDI in those countries would not come where there is no rule of law. For example the present position of lndia, people think that judgments of ITAT r buried only here in India but I found that each and every judgment be it on penny stock be it on section 68, be it on transfer pricing have been analyzed at length by the in house legal brains of the Foreign players who explore the environment of a state before investing in that state, in fact i got a shock of 440 Volt when I found that are watching the transfer and posting of members at Important stations. One of them shown me the data of last 10 years transfer of posting and also the judgment of Ajay Gandhi. I was surprised to see this minuscule research of the professionals of foreign investors. They openly said why one would invest in such a country where there is no respect of rule of law, as ultimately the investor would suffer and incur losses. Similarly there are so many other things they have shown to me which would when confront to the Govt of India here then a chaotic situation may arise. They really appreciate the ITAT Bar of Bombay which a Committee of Ethics.     

#69

Discussion / Re: Relief u/s 89(1) rectifica...

Last post by satyanveshi - August 13, 2019, 03:20:16 PM

Why the demand has come for the sake of discussion. Where is the difference between the taxpayer and the department.

#70

Discussion / Re: SECION 50C IS APPLICABLE T...

Last post by satyanveshi - August 13, 2019, 03:14:47 PM

Yes it is applicable. As the section 50C speaks of transfer. transfer from one person to another person. Here in the case cited, the transfer is from coperative society to its member. both are distinct and separate persons as per incometax Act. Therefore, sec 50C is applicable.