ITAT Raipur held that there is no bar on an individual to join a partnership firm in his representative capacity of a firm being represented by him. In short, partnership firm can be formed by partners represented by their respective firms.
Explore the computation of profits and gains of business on a presumptive basis under Section 44AD of the Income Tax Act, 1961. Understand the eligible criteria, conditions for presuming business profit at 6%, and the types of businesses that qualify. Know who is an eligible assessee, what constitutes an eligible business, and the provisions for continuity. Learn about the exceptions, implications of discontinuation, and the documentation and auditing requirements for eligible assesses.
It has been proposed that investments in mutual funds on or after 01/04/2023 where not more than 35% is invested in equity shares of an domestic companies (i.e. debt funds, international funds and gold funds) will now be deemed to be short term capital gains like Market Linked Debentures i.e. it will be liable to be taxed as per slab rate.
Unlock the concept and significance of Advisory Shares in India Learn about their provisions, how they attract professionals, align interests, and conserve cash for start-ups and early-stage companies. Understand the importance and regulatory considerations before issuing advisory shares.
Unlock significant cost savings with the MOOWR (Manufacturing & Other Operations in Warehouse) Scheme! Explore the benefits, implementation, and how manufacturers can save 1% – 3% of costs through this insightful guide.
ITAT Delhi held that unless there was specific material collected to rebut the submissions of assessee then merely on basis of inference from the circumstances, the purchase could not have been held to be bogus.
Bombay High Court held that only reason for re-assessment proceedings under section 148 of the Income Tax Act is adoption of different opinion on the question of valuation as against the one adopted by petitioner. Accordingly, such re-assessment proceedings is liable to be quashed and set aside.
ITAT Chennai held that AO is free to examine the method through which the share price is determined. However, AO doesnot have power to change the method from discounted cash flow (DCF) as followed by assessee to Net Asset Value (NAV).
ITAT Pune held that once a revised return is filed within the time permitted u/s.139(5), it substitutes the original return in all respects. Accordingly, claim of enhanced amount of carry forward of loss vide revised return is allowable.
ITAT Mumbai held that no additions or disallowances can be made u/s. 153C of the Income Tax Act in absence of any incriminating material found during the search on a third person.
