Where assessee-HUF consisted of only two coparceners, viz., Karta and his son, on Karta dying intestate, son’s share in HUF would become property of son’s HUF, and father’s share would come to son in his individual capacity and assessee-HUF would be taxable only in respect of half of properties acquired by HUF headed by Karta (father)
Timing of Taxation of Capital Gain: Assessee’s rights in the immovable property extinguished on the receipt of the last cheque
Though the liability of interest under section 50 is automatic, quantification of such liability shall have to be made by doing the arithmetic exercise, after considering the objections of the assessee
Get Ready for Favourable Judgment : Rajasthan HC notice to the Income Tax Department against Post Demonetisation addition done prior to 15th Dec 2016 (i.e., the effective date of amendment in section 115BBE)
High Time to remove GSTN Glitches : Infosys Chairman Nandan Nilekani to make an urgent presentation before the GST Council on March 14.
Membership received from its own members came within the principle of mutuality. Once assessee is governed by principle of mutuality, even if there are difference class of members, some of whom are not entitled to vote, the club would not be cease to be governed by principle of mutuality.
“Limited Scrutiny ‘ cases can be converted into “Complete Scrutiny” with the approval of CIT only if there is potential escapement of income exceeding Rs. 5 Lakh (Rs. 10 Lakh for metro cities)
