Home Highlights January 2016 Year 2016 This

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1. Assessment of capital gain for HUF - purchase of family property - whether the property belongs to Hindu Undivided Family even though the document was registered in the...

2. Assessment in the hands of the non exisiting HUF - The words 'hitherto assessed as undivided' [u/s 171(1)] are very important while considering the section. If the...

3. Revision u/s 263 - denial of deduction u/s 54 in the hands of Individual - Partition of HUF or not - reading of sub- section 171 of the Income Tax Act, 1961 makes it...

4. Cancellation of allotment of land on the basis of an alleged false affidavit - Hindu Undivided Family (HUF) property - the petitioner argued that the Defence Colony...

5. The HUF itself cannot become a working partner in the partnership firm. Therefore, there is no question for the HUF to become a working partner - Due date of filing of...

6. Addition as gift from assessee HUF which was exempted u/s 56(2)(VII) - The amount spent may be more than that the member may have gotten on the partition of the 'HUF'....

7. Assessment u/s 171 - partial partition or complete partition - immovable property of the HUF had been gifted to certain members - AO treated the same as partition of a...

8. As long as the Hindu Family remains joint, which in fact is a sine qua non for it to be recognised as HUF, the question of one member of the HUF claiming any particular...

9. PCIT has rightly invoked extraordinary revisionary powers as are enshrined in Section 263 as no inquiry, verifications and ivestiigations were made by the AO before...

10. Gift chargeable to tax in the hands of HUF - assessee could not show us any commentary on Hindu law or any other authoritative material, which says that mother of Karta...

11. Prosecution of the 'Karta' of HUF when cheque issued by the HUF got dishonored - whether an H.U.F. will constitute an “association of individuals” according to the term...

12. Salary to partners u/s 40(b) - such individual is not a partner of the assessee-firm in his individual capacity but he is a partner in the capacity of representative of...

13. Clarification in respect of option under section 115BAC of the Income-tax Act, 1961 - Concessional rate of tax in case of individual or a Hindu undivided family (HUF) -...

14. Valuation - related party transaction - directors are members of Hindu Undivided Family (HUF) - The relationship of directors has no relevance whatsoever - The statute...

15. Recovery of outstanding dues - liability of members of HUF is not joint or several - the property of the individual member of the Hindu Undivided Family could not be...