Home Highlights November 2013 Year 2013 This

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

2. Reopening proceedings against non-existent entity/ partnership firm -The case revolves around the jurisdictional issue arising from actions taken by the assessing...

3. Protective assessment - Addition u/s 69/69C - Unaccounted investment ad unaccounted commission - CIT(A) has confirmed the substantive additions on the three entities so...

4. Disallowance of interest expenditure in the hands of partner - investment as capital in the business of the partnership firm - Absence of earning any interest income on...

5. Taxing the right person - land transaction done by the partnership firm - assessment in the hands of partners or partnership firm - sale consideration received by...

6. Taxability in the hands of partners v/s firm - transfer of capital asset by firm to partners - There is no merit in the arguments advanced by assessee, that transfer of...

7. Accrual of interest income in the hands of dissolved partnership firm - section 189 keeps the firm alive for the purposes of assessment despite its dissolution. It...

8. Additions u/s 68 - Unsecured loans - partnership firm - Making addition of unsecured loans relating to the partnership firm in the hands of the assessee is bad in law...

9. Taxability of interest income in the hands of Partner instead of Partnership firm - Allegation that assessee did not disclosed the receipt of Interest in his return of...

10. Addition towards difference between the rental income received by the assessee from M/s.CFD, a partnership firm and rental income received by the partnership firm,...

11. Income surrendered in survey action - undisclosed professional income - In fact, no such income has been found during the survey action. However, the assessee to keep...

12. Levy of interest u/s 234B and 234C - Liability of advance tax - income from partnership firm in the hands of partner - As per the provisions of Sec. 10(2A) of the Act,...

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. Expenditure incurred on Club membership and subscription fees - Claim of business expenses by the Partner against the interest income from partnership firm - there is no...

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