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Archive: 27 June 2022

Posts in 27 June 2022

No addition on account of capital gain in case of a null and void transfer

June 27, 2022 687 Views 0 comment Print

Since there was no valid transfer of land in question by assessee to the partnership firm of M/s. V Developers in the year under consideration giving rise to any capital gain and the transfer of the said land having validly taken place only in the previous year relevant to AY 2012-13 by assessee to M/s. V Developers, the capital gain arising from the said transfer was not chargeable to tax in the hands of the assessee for AY 2012-13 as duly declared by assessee in his return of income for AY 2012-13.

Simplified FAQs on TDS under section 194S of Income Tax Act, 1961

June 27, 2022 2565 Views 0 comment Print

Find answers to your FAQs on TDS under section 194S of Income Tax Act, 1961. Understand the provisions, rates, and threshold limits for TDS on transfer of virtual digital assets (VDAs).

No incriminating material during search, no addition u/s 69

June 27, 2022 312 Views 0 comment Print

Addition u/s 69 unsustainable as assessee books of account have not been rejected and also durin search no incriminating material was found which would point out towards the assessee introducing her unaccounted cash into the books of account.

Filling of DPT -3 for Deposits by Corporates in India

June 27, 2022 3150 Views 0 comment Print

Learn about the new requirements for filling DPT-3 forms for deposits by corporates in India and ensure compliance with the latest rules.

Share of profit, as per LLP agreement, exemption u/s 10(2A) available

June 27, 2022 1587 Views 0 comment Print

The assessee has received the share of profit as per the terms of the LLP agreement and, therefore, the same has rightly been held to be exempted u/s 10(2A) of the Act.

Invoking section 263, for comprehensive inquiry made by AO, unsustainable

June 27, 2022 306 Views 0 comment Print

Detailed analysis of Sh. Jai Parkash Garg Vs PCIT case at ITAT Delhi. AO enquiry, PCIT jurisdiction, and conclusion discussed. Appeal allowed on 14/06/2022.

When property is vacant, rent is to be calculated under section 23(1)(a)

June 27, 2022 2751 Views 0 comment Print

The assessee rent for the property which remained vacant for the entire year shall be calculated as per provisions of Section 23(1)(a) of the Act. Section 23(1)(c) will not be applicable in such case.

Section 68 Addition cannot be made for purchases

June 27, 2022 2163 Views 0 comment Print

ITAT held that Addition under section 68 of Income Tax cannot be made for purchases as purchases is an expense which is debited in books and not a loan or deposit which is credited in books

47th GST Council Meeting Expected Agenda

June 27, 2022 14016 Views 0 comment Print

The two-day GST Council meet on 28th and 29th of June in Chandigarh is likely to deliberate upon a various agenda. The main aim will be to ease compliance burden, promote small businesses and increase tax collection by enhancing tax rates and tax base. Ease compliance burden: Some of the bottlenecks which are the council […]

Conversion of Compulsory Convertible Preference Shares Into Equity Shares

June 27, 2022 109572 Views 1 comment Print

The concept of conversion of Compulsory Convertible Preference Shares (CCPS) into Equity Shares is not governed by any section of the Companies Act, 2013 but if combined the certain Provisions of Companies Act, 2013, one can easily opine the conversion. By complying the provisions of Sections below mentioned conversion of Preference shares into Equity shares can be easily done.

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