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Income Tax - Highlights / Catch Notes

Home Highlights May 2012 Year 2012 This

Reconstitution of firm - relinquishment of right and interest ...

Income Tax

May 26, 2012

Reconstitution of firm - relinquishment of right and interest in the erstwhile firm - transfer u/s 2(47) - admission of the new partners - No transfer - HC

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  1. Sale of assets of partnership firm after dissolution – Individual erstwhile partners are liable to compute as Capital Gains under section 45.... - HC

  2. Receipt of amount as goodwill on retirement - right of partner in the partnership firm - capital asset u/s 2(14) - extinguishment of such right in the firm - HC...

  3. Relinquishment of goods - Import of electric goods during 1995-96 - cleared under warehousing bill of entry and kept in warehouse - appellant's request for...

  4. Goods abandoned - Relinquishment of the warehoused goods - Chief Commissioner had allowed the relinquishment of the goods and the goods were auctioned and therefore,...

  5. Unexplained cash credit u/s.68 on account of relinquishment of right - the amount of the compensation received by the assessee for relinquishment of its right to sue...

  6. Nature of Payment - Construction Activities and Taxability - relinquishment of trusteeship - Another set of appeals revolved around payments made to erstwhile trustees...

  7. Capital receipt chargeable to tax u/s.45 - claim of exemption u/s.10(2A) - amount received by the assessee partner from the partnership firm - There was no transfer of...

  8. Transfer of goodwill to partners - reconstruction of firm - the partnership firm did not cease to hold the property - its right to the property is not extinguished - no...

  9. Taxability of amount received - Relinquishment of right to sue is neither a capital asset nor taxable u/s 28 which provides specific types of receipt to be held taxable...

  10. Penalty u/s 271C – reasonable cause - The assessees are partners in a firm – Both the assessees has paid interest to firm without deducting tax at source - No penalty - AT

 

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