Home Highlights February 2012 Year 2012 This

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1. Depreciation u/s 32 - conversion of partnership firm into private limited company - assessee is entitled to depreciation on the enhanced cost at which the assessee has...

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. 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,...

4. 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.

5. Carry forward and set-off of unabsorbed depreciation of proprietary concern against partnership firm - as per the provisions of the section 78(2) assessee is entitled to...

6. GST - A “Limited Liability Partnership” formed and registered under the provisions of the Limited Liability Partnership Act, 2008 (6 of 2009) shall also be considered as...

7. Cost accountant v/s Chartered Accountants - nature of work - amendment to Section 63 of the Karnataka Co-operative Societies Act, 1959 - auditing of accounts by Cost...

8. Evaluation of closing stock - at Cost price or market price - conversion of partnership firm into a private limited company - closing stock of the erstwhile firm cannot...

9. The Supreme Court examined the validity of a guideline issued by the Institute of Chartered Accountants of India (ICAI) imposing a numerical restriction on the maximum...

10. Dishonor of Cheque - In the context of an offence under section 138 of the Act, by virtue of Explanation (b) to section 141 of the Act, only a partner of a 'firm' has...

11. 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...

12. 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...

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. Computation of capital gain - The conversion of the Pvt. Limited Company into a Limited Liability Partnership does not have the protection of section 47(xiiib) in the...

15. Valuation - related party transaction - sister concerns - Only on the basis of natural relationship between the partner of a partnership firm and Director of private...