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Impugned notice of reopening of assessment was issued on a dead person. There are several judgments of different High Courts holding that the notice or reopening of assessment is invalid in law. Suffice it to say, as per the settled law, notice for reopening of assessment against a dead person is invalid.
While giving full effect to the deeming fiction contained under section 50C of the Act for the purpose of computation of the capital gain under section 48, for which section 50C is specifically enacted, the automatic fallout thereof would be that the computation of the assessee’s capital gain and consequently the computation of exemption under section 54EC, shall have to be worked out on the basis of substituted deemed sale consideration of transfer of capital asset in terms of section 50C of the Act.
CHAPTER-I :- SUB: WORKING CAPITAL Introduction: Working Capital is such a kind of capital which is required for daily business activities. This helps in keeping the wheel of the business organization running. The operating activities can run smoothly with the sufficient working capital and on the other hand, the same activities can be hampered due […]
OIDAR (Online Information and Database Access or Retrieval) Services Both the following conditions must be satisfied to be an OIDAR service. If one is not satisfied, the service is not OIDAR. i. Delivery is mediated through internet. ii. The supply is essentially automated involving minimal human intervention and impossible without information technology.
