Home Highlights July 2018 Year 2018 This

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1. TDS credit - refund of TDS reflected in his Form-26AS - tax liability was created against the firm but crediting in the account of partner / individual - no dispute that...

2. Joint venture / consortium partner agreement - sharing of revenue - one partner paid the service tax - prima facie case is in favor of assessee - AT

3. Addition u/s 56(2)(vii)(c)(ii) - allotment of shares to assessee shareholder at a value lower - whether Tax to be paid by the shareholders or the company? - The shares...

4. Transfer of case u/s 127(2) - Jurisdiction in case of partners of partnership firm - Once we find the partners of the petitioner to be residents of Faridabad and...

5. Addition u/s 56(2)(vii) - real owners - partners v/s firm - property purchased by assessee-partner less than guideline value of the property - applying purposive...

6. The complaint of dishonour of cheque was challenged for lack of necessary averments against the partners. Partnership Act provisions establish partners' liability for...

7. Determination of remuneration paid to partner - working / retiring partner - the firm has incorporated the terms of section 40(b), providing for the maximum amount of...

8. Capital receipt chargeable to tax u/s.45 - claim of exemption u/s.10(2A) - amount received by the assessee partner from the partnership firm - There was no transfer of...

9. Addition u/s 68 of the Income Tax Act - capital introduced by the partner - the partner who introduced the capital has confirmed and owned the same – no addition - AT

10. Validity of SCN - Service on partners instead of firm - the renting services provided by the partnership firm being the owner of the property - the show cause...

11. Attachment of immovable property - recovery of service tax was not done - the personal property of a sole proprietor or partners shall not be attached, and personal...

12. Demand of service tax on partners services to partnership firm - separate identity - mutuality of services - there cannot be a service provider – service recipient...

13. Disallowance of remuneration paid to the partners of the assessee firm - Once the remuneration paid to the partners is in accordance of the provisions of Section...

14. Demand in respect of firm raised in the name of Partner - In the light of the legal nature of a partnership firm, a demand raised on the managing partner can never be...

15. Interest paid to its partners - section 36(1)(iii) is not at all applicable for the purposes of computation of interest to partners under section 40(b) - The interest...