Payment made to legal heir of deceased partner for services rendered by him during his tenure in the firm is an allowable expenditure
The High Court of Kerela has held that human error which can be detected by the naked eyes cannot be capitalised for penalisation.
Difference between ‘storage or warehousing’ service and ‘renting of storage premises’ service explained- (AAR Gujarat)
Interesting case: Introduction of stock-in-trade as capital contribution in to firm also attracts s. 45(3)
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
