Home Highlights April 2020 Year 2020 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. Depreciation on the value of the building as revalued prior to conversion of the erstwhile partnership firm into a private limited company - the prerequisite for...

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

4. Claim of depreciation - Ownership - scope of explanation to Section 32(1) - Cost of the Hospital building constructed by the partnership firm reimbursed by the Assessee...

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

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

7. Assessee firm converted into Private Limited Company - Addition on account of Sales Tax refund - Since the assessee firm exist in assessment year under appeal and also...

8. Conversion of the status of the company from “Public Limited” to “Private Limited” - in the absence of any objections from the ROC or creditors, conversion allowed.

9. Depreciation - Cost of acquisition - depreciation to be allowed on WDV of the predecessor or Revaluation of assets - Conversation of firm to a company - The assessee as...

10. 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...

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. 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...

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. Companies (Incorporation) fourth Amendment Rules, 2016 to prescribe (i) Simplified Proforma for Incorporating Company Electronically (SPICE) and (ii) Conversion of a...

15. Reopening proceedings against non-existent entity/ partnership firm -The case revolves around the jurisdictional issue arising from actions taken by the assessing...