Where retiring partner took cash towards value of his share in partnership firm and there was no distribution of capital assets among partners, there was no transfer of capital asset and, therefore, no profits or gains chargeable to tax under section 45(4) arose in hands of assessee-firm
Interesting Judgement: Transfer of the property by the assessee towards capital of the firm amounts to transfer but on the facts and circumstances of the case, that cannot be subjected to capital tax.
Interesting Income Tax: Time to forget that exemption u/s 54EC can be claimed on the basis of actual sale consideration & not notional sale consideration u/s 54EC: courtesy- Bombay HC
No GST on interest-free security deposit received by the lessor which are refundable on completion of lease tenure
Kudos to ICSI – Restriction on LLP regarding manufacturing & allied activities withdrawn with immediate effect
Forget actual sale consideration, exemption u/s 54EC is available on the basis of investment as per Stamp Duty Valuation
The date of allotment can be considered as the date of purchase and for reckoning the assets as long term capital assets.
Claim of loss not to be disallowed if the AO fails to detect any discrepancy in the documentary proofs furnished
Not a fit case for invoking revisionary powers if the AO takes a particular view during assessment and also after due consideration of the Apex Court decisions
Reopening of assessment after the expiry of 4 years of assessment, based on information from Investigation Wing without verifying the assessment records and without application of mind by AO to form a belief is correct
