Section 45(3) is applicable only in case of transfer of a capital asset by a partner to a firm and not on transfer of stock
ITR Alert: Income Tax Dept modifies Return Preparation Software and Schema and the same is available for filing now.
So long as there is no change in ownership of the firm and its properties, for the simple reason that the partnership of the firm stood reconstituted, there is no transfer of capital assets.
Amount received at the time of retirement from partnership firm after surrendering her right, title and interest, same was said to be received for consideration and, thus, same could not be taxable in hands of the assessee , as capital gains or income from other sources .
The introduction of new partners to a partnership firm owning immovable assets and consequent reduction in the share ratio of present partners does not entail any relinquishment of their rights in the partnership property.
Revaluation of assets, admission of new partners and then retirement of old partners: Capital Gain Implications
When order passed by AO is palpably bad in law and exceeds its jurisdiction, relegating a litigant to appeal remedy will be wholly futile
Interesting Judgement : if a taxpayer incurs expenditure in cash due to business expediency and is not accused of suppressing its income, then no addition can be done due for the lack of vouchers
Whether different view on same set of material as available at the time of original assessment can be taken for return filed u/s 153A ?
Mere delay in depositing TDS within the time limit prescribed in S. 200 & Rule 30 is an offense sufficient to attract protection : Karnataka HC
