Home Highlights February 2023 Year 2023 This

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1. Local authorities - Rate of Income Tax will continue to be the same as that specified for the FY 2022-23.

2. 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...

3. Changes in GST - Partnership firm or a firm includes LLP ( Limited liability Partnership) for the purposes of levy (including exemption therefrom) of GST on legal services.

4. Dis-allowance u/s 14A of notional interest paid on loan taken for capital contribution in partnership firm - partnership firm - provisions of section 14A are not...

5. Reconstitution of partnership firm – liable to capital gains for assets transferred from earlier firm to new firm

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

7. 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...

8. Unexplained bank deposit - ingenuity of firm - AO doubted that the partnership deed was not registered - that cannot be made a basis for not treating the firm as a genuine - AT

9. 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...

10. 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...