Home Highlights February 2014 Year 2014 This

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1. Vicarious liability of partner of the firm - separate identity of partnership firm - merely the petitioner running a firm, but it is not a legal entity and it cannot be...

2. Short Term Capital Gain - conversion of the Partnership Firms into Companies - Additions in the hands of partners - CIT (Appeals) correctly deleted the additions on...

3. Capital gain arising on account of the succession of the firms - scheme of succession u/s 47(xiii) - there is no requirement that the firms should be converted into the...

4. Deduction u/s 80IA - whether assessee fulfilled the condition of sub-Section (4)(i)(b) of Section 80IA? - partnership firm was converted into a company - For the...

5. Partnership firm has been converted into company - no dissolution of the erstwhile firm and the company has been formed with the same partners as its shareholders - no...

6. GUIDELINES FOR CONVERSION OF COST ACCOUNTANTS FIRMS (PARTNERSHIP/PROPRIETARY) INTO LIMITED LIABILITY PARTNERSHIPS

7. Characterization of income - consideration received by the partner of a firm upon retirement from the firm - retirement benefit - any money received by the partner upon...

8. Dishonor of Cheque - A proprietorship firm is neither a Company, nor a partnership firm. It is merely a business name. Although even a partnership firm is not a juristic...

9. Short term capital gain - capital gain arose from transfer of land to the partnership firm by way of capital contribution as the assets was converted to Fixed Capital...

10. Disallowance u/s 40(A) - related party transaction - merely because there was an Agreement between the Assessee Company and the related party or the partnership firm,...

11. Allowability of deduction u/s 10A - benefit of section 10A would also be available even when an existing unit get converted into a STPII unit - AT

12. Status of the partnership firm treated as AOP - partnership deed is executed on an inadequate stamp paper - Department is accepting all the genuineness of existence of...

13. In deposit of trading receipts of the firm in the bank account of the partner, the assessee has not violated any of the provisions of the Income Tax Act, even if it may...

14. Demand of service tax on partners services to partnership firm - separate identity - mutuality of services - there cannot be a service provider – service recipient...

15. R&D expenses incurred for partnership firm - Since the assessee is holding 97.5% of share in the partnership firm, SPI it becomes the duty of the assessee to promote the...