Powers of the A.O. are not plenary or unbridled 1. INTRODUCTION Recently, I had an occasion to deal with a case, where no notice under section 143(2) of the Income‑Tax Act, 1961 (the Act), was served on the assessee, within the stipulated period. But after the expiry of the aforesaid period, the Assessing Officer (AO) […]
Whether MAT applicable to share of a company in income of a joint venture business 1. Introduction We have been witnessing a new and different trend in relation to the real estate development. Earlier, a builder would go for outright purchase of a piece of land from the landlord and develop the same at his […]
Planning the Pay – Package of a Senior Executive As is well known income-tax is deducted at source in respect of income from ‘Salaries’. As the income of salaried tax-payers is fixed, they are more susceptible to inflationary pressures. Therefore, there have been progressive attempts on the part of the Legislature to grant more and […]
Profit on Sale of Share immediately after conversion from Stock in Trade to Investment is Business Income lndo Stosec (P.) Ltd. vs. lncome-Tax Officer (ITAT Mumbai), Appeal No. I.T.A.No.3472/Mum/2010, Date of Pronouncement : 20.8.2014, Assessment Year: 2006-07 The assessee is engaged in the business of manufacture of Gas mantle and stove. Besides the assessee was […]
No Legal Bar on conversion of Stock in Trade to Investment ACIT vs. M/s. Superior Financial Consultancy Services (ITAT Mumbai), Appeal No. ITA No. 4208/Mum/2007, Date of Pronouncement : 06.03.2013, Assessment Year: 2004-05 Briefly stated, the assessee, a private limited company, engaged in the business of borrowing and lending funds reflected stock-in-trade of Rs.8,30,95,223.15 in […]