What was given to the retiring partners was money representing the value of their share in the partnership and no capital asset was transferred on the date of retirement. Therefore, no capital gains or profit could arise & section 45(4) had no application.
Shri Vinod Kumar Chugh Vs ITO (ITAT Delhi) Conclusion: Section 50C could be invoked only when sale had taken place during the year. As the sale of vacant plot by assessee stood completed in the year 1991, there was no question of invoking the provision of section 50C for taxing the long term capital gains. […]
DCIT Vs Shri Hrishikesh D. Pai (ITAT Mumbai) Conclusion: Assessee was entitled for deduction u/s. 54F on the capital gains arising on the sale of depreciable assets being commercial flats computed in the manner laid down in Section 50 read with Section 48, 49 and 45 and section 50 was a deemed provision, therefore, its […]
GST Rates for Real Estate Sector to be effective from 1st April, 2019Affordable housing properties: Effective GST rate of 1% without ITC- .Residential properties outside affordable segment: Effective GST rate of 5% without ITC
If the provisions are substantive in nature then the same cannot be applied Retrospectively to the pending cases. However, if the provisions are procedural in nature then the same has to be applied to all the cases, including the one pending before the Court.
On going through the language of the Explanation 10, it is manifest that it is attracted only when the object of the Scheme is to subsidize the cost of an asset and not otherwise. If the object of the Scheme is to accelerate the industrial development of the State, then the case is not caught within the mandate of the Explanation 10.
Threshold Limit for GST Registration (Goods): – a. Provisions Before 1st April 2019 Threshold Limit for Registration in case of ‘Goods’ (all over India) except persons engaged in making Supplies in the state of Arunacahal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, Puducherry, Sikkim, Telengana, Tripura, Uttrakhanad is Rs. 20 lakhs b. Provisions After 1st April 2019 […]
Article provides solution for Common Java Validation Error Resolution While Preparing Income Tax Return, which we are facing nowadays. 1. Detail of Error: – Enter the source Resolution Schedule Part A General Do you want to claim the benefit u/s 115H (Applicable to Resident) Choose No Figure 1 2. Detail of Error: – Please […]
Merely because assessee’s had claimed administrative expenditure which was not acceptable to Revenue, that by itself would not attract penalty under Section 271(1)(c) if there was absence of concealment and / or furnishing of inaccurate particulars of income.
Amount paid to a partner upon retirement after taking accounts and upon deduction of liabilities did not involve an element of transfer within meaning of section 2(47) and not chargeable to income tax.
