Home Highlights November 2011 Year 2011 This

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1. Section 80-I deduction was denied for the unexpired period when a partnership firm was converted into a private limited company carrying on the same activity. However,...

2. Short Term Capital Gain - conversion of the Partnership Firms into Companies - Additions in the hands of partners - CIT (Appeals) correctly deleted the additions on...

3. The firm is succeeded by the company, therefore, the cost of acquisition of the company would be as that of acquisition of the firm. The valuation of land and assets of...

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

5. R&D expenses incurred for partnership firm - Since the assessee is holding 97.5% of share in the partnership firm, SPI it becomes the duty of the assessee to promote the...

6. Capital gains - Conversion of partnership firm into company - exemption - conversion of balance in capital account of a partner into loan - transfer - Section 47A r.w.s...

7. Deduction u/s 10B - deduction after merger of the eligible firm in the assessee firm - limitations specified in sub-sections 9 and 9A of Section 10B do not exist from...

8. Liability of GST - GST on notional rent - property of the partner used by the Partnership Firm to carry out the business by the firm at free of rent - GST is liable to...

9. Vicarious liability of partner of the firm - separate identity of partnership firm - merely the petitioner running a firm, but it is not a legal entity and it cannot be...

10. Conversion of the partnership firm into a Pvt. Ltd. company - Violation of the conditions u/s 47(xiii) - part capital was allotted as shares to erstwhile partners and...

11. Allows conversions into companies from partnership firms, etc. with two or more members provided that in case of less than seven members the conversion would be into a...

12. Disallowance of deduction u/s 10B - The tribunal examined the appellant's claim regarding deductions under Section 10B for miscellaneous incomes like scrap sales and...

13. Depreciation on intangible assets - case of conversion of partnership firm into a company - determination of WDV / cost of acquisition - As actual cost to the assessee...

14. Dishonor of Cheque - A proprietorship firm is neither a Company, nor a partnership firm. It is merely a business name. Although even a partnership firm is not a juristic...

15. Deduction u/s.10AA - SEZ unit - Business of proprietary concern was taken over by the partnership firm - fresh approval from SEZ in respect of the partnership firm -...