Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights June 2021 Year 2021 This

Revision u/s 263 - denial of deduction u/s 54 in the hands of ...

Income Tax

June 12, 2021

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 very clear that it is applicable only where a Hindu family was already assessed as an Hindu Undivided Family(HUF). Otherwise, there is no meaning to the expression “hither to” in Section 171(1). - Where a Hindu family was never assessed as a HUF, Section 171 of the Income Tax Act, 1961 will not apply even when there is a division or partition of property which does not answer to the above definition. - HC

View Source

 


 

You may also like:

  1. Deduction / exemption u/s 54 or 54F - recognition of partition of HUF - conditions regarding transfer of capital asset by an Individual or a HUF - AT

  2. 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...

  3. Assessment after partition of a Hindu undivided family u/s 171 –AO has failed to comply with the statutory provision inasmuch as a detailed inquiry as contemplated u/s...

  4. 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...

  5. Hindu Undivided Family (HUF) or its Karta cannot become partner/ Designated Partner (DP) in Limited Liability Partnership (LLP) - Circular

  6. Properties acquired by the HUF - Creation of smaller HUF - Deemed partition / Notional partition - death of a Mitakshara Coparcener - absence of partition u/s 171 of the...

  7. 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) -...

  8. Partition of HUF -Absence of order u/s 171 - the money received by the Assessee in her capacity as coparcener as and towards her share of the properties of the HUF, on...

  9. Long term capital gain - section 45(2) applicability - Property received by assessee on partial partition of Hindu Undivided Family - expenses claimed u/s 37(1) -...

  10. Partition of Hindu Joint Family (HUF) - Daughters as Coparceners in the Joint Family - In the present case, no doubt, suit for partition was filed in the year 2002....

 

Quick Updates:Latest Updates