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Recent Posts

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Discussion / Reopening- c/f of Unbsorbed Depri.
« Last post by rajul5234 on Today at 12:08:37 am »
SCA 15825 / 2012. Dt. 9/4/14. Ausom Enterprise. Gujarat High Court.

Held, Reopening within 4 years from end of relevant year not permissible for scrutinised issue

of c/f of unabsorbed depriciation beyond a period of 8 years.

R. K. Patel
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Discussion / Re: Capital gain reinvested/delayed flat possession
« Last post by Packar on April 08, 2014, 04:07:27 pm »
I had sold my flat for Rs 50 lacs on 3-5-2012 by way of sale deed but prior to registering the sale deed I had agreed with the purchaser that I would re paint the flat and do all the repairs in the bathroom and WC and balcony before handing over the physical custody of the flat inspire of a concluded sale deed within six month.Hence I was busy in getting the said flat repaired as agreed the was a delay from my side in investing in capital bonds for a period of SIX MONTHS for Rs.50 lacs, which I should Have done it with in period of six month from the date of sale deed I.e receipt of consideration of Rs.50 lacs.I after doing the repairs in the flat to the satisfaction of the purchaser gave custody of the flat to the purchase after a period Seven months from the date of sale deed ,BUT I took a letter from the purchaser in my favour that flat has been repaired to his entire satisfaction and custody has been handed over to him.
I wish to know whether I can claim benefit of sec 54 EC.   Further  I fear that it may be dis allowed and I may have to pay tax.
I wish to have sone Tribunal,High Court or. Supreme Court judgements in this respect for which I may obliged and thank you for the same
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Discussion / W.T. Valuation- Immoveable properties
« Last post by rajul5234 on April 04, 2014, 02:00:17 pm »
Tax Appeal 1153 / 2008. Dt. 26/3/14. H.H.M. jyotindrasinghji, Gujarat H.C.
Effect of Land Ceiling Act - Depletion in value to be considered.

Large size of property - Deduction in value for development and disability of size.

Sch. III - Applicable to pending set aside proceedings to WTO.
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Discussion / Re: Employee contribution of PF and ESI
« Last post by camanojgupta on April 01, 2014, 09:11:54 pm »
agreed ketanji Good argument
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Discussion / Re: Employee contribution of PF and ESI
« Last post by ketanvyas1975 on March 30, 2014, 04:15:55 pm »
well, I respectfully disagree with Prashant. You can claim something as business loss when the same is not explicitely dealt with in any of sections of the Income Tax Act falling under the head income from business/profession. Otherwise, the conditions or restrictions prescribed for a particular allowance will become otiose as in the situation where the assesse fails to meet with the prescribed condition or restriction, he will alternatively claim the same under other nomenclature i.e. business loss as suggested by you. This can not be permitted. Wherever, a specific provision is made for any specific allowance, the said allowance will be governed under that provision only and once disallowed under that section, deduction can not be permitted under general head of deduction. This is my understanding in the matter. The other members may correct me if I am wrong.
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Discussion / Re: Copy of Proceeding sheet
« Last post by ketanvyas1975 on March 30, 2014, 04:07:27 pm »
Well, there is no explicit prohibition on furnishing copy of ordersheet. In fact, if an assesse wants to have proof of his appearance and having filed submissions, then he can surely demand copy of ordersheet and the A.O. is bound to give the same. Ordersheet is never any personal or inter-office document which can not be granted to the assesse. I have practically requested the same in several situations and also obtained the same. In any case, under RTI, you can always demand this.
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sir the only option is available with assessee is to get the  copy of records granting its recognition u/s 80 G (5) and then file RTI for the old 80 G (5) recognition whihc was earliier renewed every three years. So in the end you may find the number of 12AA hopefull . This is the last resort
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Discussion / Re: query on undisclosed income
« Last post by prashantmaharishi on March 30, 2014, 01:44:39 am »
 I think in this case the  matter will be set aside at the most but cannot be decided in favour of the assessee. generally in such cases CO is granted after ITAT sets aside the case
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Discussion / Re: Employee contribution of PF and ESI
« Last post by prashantmaharishi on March 30, 2014, 01:38:40 am »
can an assessee not claim this deduction as loss from busines su/s 28 itself as the  amount paid is irretreivably lost for ever and is arissing during the course of the  business. Mindwell this is neither a penalty  nor a  fine.   I think he can claim the amount fo PF paid of employes contrubution  beyond due dates  in the year in whihc it is  paid as business loss u/s 28 itself.
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