Whether in computing income of charitable institutions exempt under section 11, income exempt under section 10 has to be excluded ? or Whether requirement in section 11 with regard to application of income for charitable purposes does not apply to income exempt under section 10 ? Upon perusal of sections 10 and 11 it is… Read More »
Q whether long term capital loss on sale of shares and mutual funds units can be set off against the long-term capital gains arising from sale of land ? Facts of the Case The assessee in the computation of income had shown Long term capital loss on sale of shares amounting to Rs.57,32,835/- and loss on… Read More »
Q; Whether recovery can be made without passing an Assessment Order ? when there is no assessment order or notice issued, the impugned notice of demand of cash amount is wholly untenable and illegal Since the petitioner is challenging the liability, he should be given notice of assessment followed by personal hearing and thereafter, the… Read More »
Q : How trade payable to be bifurcated in the Balance Sheet ? ITO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II. SECTION 3, SUBSECTION (i)l GOVERNMENT OF INDIA l Mlinistry of Corporate Affairs Notification New Delhi, the 4th september, 2015 GSR .- (E) In exercise of the powers conferred by sub-section (1) of section… Read More »
Capital Asset Acquired by Operation of Law and its taxability Q: Whether the Capital Gain tax is payable if the Asset if acquired by operation of Law( without paying anything) and not by way of Purchase or inheritance? The rights of ownership of the land were, thus, acquired by the assessee by operation of law,… Read More »
Q Whether Profit from sale of agricultural land would be included for purpose of computing book profit under section 115JB ? Profit from sale of agricultural land would not be included for purpose of computing book profit under section 115JB Profit arising on sale of agricultural land, which does not fall in the category of “Capital Asset”… Read More »
Q Whether the income from growing of mushroom is Agriculture or Non Agricultural Income ? Held The shed in which mushrooms were grown by the assessee, is located within the residential area of Jagadhari which is situated within Municipal limits. Agriculture can be performed only on land and which involve basic operations like tilling of land,… Read More »
No Income tax on Gratuity to the extent of limit specified Q Whether the Corporation can deduct income tax from the gratuity amount on the ground that the gratuity is paid under the Regulations and not under the Act ? Incomes not included in total income:- Section 10.(10)(iii) any other gratuity received by an employee… Read More »
Retirement includes resignation Q Whether per the provisions of section 10(10AA)(ii ) (Leave Encashment) and section 10(10)(iii) (Gratuity) the exemption is available only on retirement and not on resignation ? Both “retirement” and “resignation” result in the conclusion of the service career. In fact resignation from service is also one of the modes of retirement… Read More »
Q : Whether Registration of document is an essential requirement for transfer of property under Section 2(47) ? Answer : Facts of the case The assessee had transferred his land to the partnership firm for business purposes in which he was a partner. Subsequently said land was re-transferred to assessee. The Assessee claimed long term… Read More »