Income Tax : Bombay High Court has held that the mere fact that an agreement for sale of property is registered does not make it a conveyance, ...
Income Tax : Designed with the advantages of a flexible organisational structure, perpetual succession, limited liability and tax efficient dis...
Income Tax : We see many big business houses run by second or third generation families with different ideologies or intending to diversify the...
Income Tax : Under the existing provisions of the Act, conversion of security from one form to another is regarded as transfer for the purpose ...
Income Tax : Under clause (vib) of section 47 of the Income-tax Act any capital asset transferred by the demerged company to the resulting comp...
Income Tax : ACIT Vs Ashwin S. Bhalekar Beamon Chambers (ITAT Mumbai) Claim of the assessee that extinguishment of rights in the capital asset ...
Income Tax : ITAT held that Stock- in-trade can be considered as transferred only in the year in which the assessee has executed the sale deed ...
Income Tax : Amount paid to a partner upon retirement after taking accounts and upon deduction of liabilities did not involve an element of tra...
Income Tax : Conversion of cumulative and compulsory convertible preference shares(CCPS) into equity shares cannot be treated as ‘transfer’...
Income Tax : K. Vijaya Lakshmi Vs ACIT (ITAT Hyderabad) The development agreement implied that assessee did permit the developer to enter into ...
Under clause (vib) of section 47 of the Income-tax Act any capital asset transferred by the demerged company to the resulting company in the scheme of demerger is not regarded as transfer if the resulting company is an Indian company. In such cases the cost of such asset in the hands of resulting company should be cost of such asset in the hands of demerged company as increased by the cost of improvement, if any, incurred by the demerged company.
When a partner receives her/his share in the assets of the partnership firm or when he receives anything in excess of her/his share in the assets of the partnership firm and even in a case a partner receives a share of profit either in case of retirement or in case of dissolution, the same cannot be brought to tax
