Gift assessable under the GT Act - During the subsistence of the ...

Partners Only Entitled to Profit Shares; No Gift Tax Implications Under Gift Tax Act for Additional Benefits.

December 13, 2018

Case Laws Income Tax HC

Gift assessable under the GT Act - During the subsistence of the firm, the right of the partners is only to claim their share of the profits, in accordance with their respective shares and nothing more

View Source

← Previous Next →

Gift assessable under the GT Act - During the subsistence of the ...

Partners Only Entitled to Profit Shares; No Gift Tax Implications Under Gift Tax Act for Additional Benefits.

December 13, 2018

Case Laws Income Tax HC

You may also like:

The appellant, being a partner in the partnership firm M/s. Sree Gavisiddeshwara Minerals, was entrusted with extracting iron ore from the leased mine. As a managing...

Reopening of assessment u/s 147 - transfer of shares as gift - While initially contention of the petitioner that such transfer of shares was a gift without consideration...

Revision u/s 263 by CIT- Taxability of shares received by way of Gift - The order of ld AO is not erroneous as Gift of shares of the Wockhardt Limited are not chargeable...

Capital gain - partnership firm - conversion from investment into stock in trade of shareholding - Firm transferred the shares as loss to partners and adjusted its...

Assessee employed by Indian entity but sent on long-term international assignment to Singapore. Salary received in India for administrative reasons, but employment...

Shares received by the appellant as gift - The chart reproduced in the Assessment Order clearly shows that it is not a gift but a family arrangement and these kind of...

Partnership firm dissolution, accounts settlement, and distribution of shares. Receiver appointed to manage assets until winding up. Defendants restrained from disposing...

Income Tax: Section 47(iii) of the Income Tax Act, which exempts transfers of capital assets under gift, will or irrevocable trust from capital gains tax, is proposed to...

The assessee, a foreign airline company and tax resident of the USA, engaged in the business of operating aircraft in international traffic, obtained approval from DGCA...

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...

Capital gain u/s 45 - compensation received by a partner from another partner for relinquishing rights in the partnership firm - the compensation received by the...

Reopening of assessment - shares were transferred by way of a gift - The petitioner argued that the transfer of shares as a gift did not attract capital gains tax...

Addition u/s 68 - unexplained share application money - It is not a case that the assessee had filed merely a confirmatory letters of share applicants but it is a case...

Profiteering - restaurant service - reduction in rate of GST - every recipient/ customer is entitled to the benefit of the tax rate reduction by way of reduced prices...

The ITAT considered the issue of addition u/s 2(22)(b) r.w.s. 56(2)(viia) concerning the treatment of bonus shares received by the assessee. The AO treated the bonus...

Quick Updates: