prithwish sengupta
30 December 2010 at 11:38
while a partner leave/retire from a firm and an amount is credited to his capital a/c as goodwill, will this amount be treated as capital gain in the hands of the partner???
if no then what is the tax treatment?/
refer any case law , if any.
thanking you.
prithwish sengupta
30 December 2010 at 11:35
is purchased goodwill an intangible asset?
can depreciation be charged on such goodwill @ 25%?
pls answer and refer case law if any.
thanking you.
prithwish sengupta
30 December 2010 at 11:32
is service tax leviable on p.d.i. (pre delivery inspection) service provided by the authorised dealers in automobiles and for this it recives an amount from the automobile manufacturer?????
pls answer and mention the circular if any.
thanking you.
Anonymous
29 December 2010 at 15:10
Dear sir,
A firm have registered under Kerala sales tax department, for different products, after some years dealer change his nature of business to a exclusive showroom for a one product and other product will sale normally, can the firm show the bills in the name of excusive product (for example firm name is “Dress world” excusive product is “John Noble”-bills in the name of john noble) - , and other bill are same in the name of firm(“Dress world” ) in a single registration number ,
Regards
Vignesh Narayan
Anonymous
29 December 2010 at 10:43
A charitable trust have Corpus Fund and want to lend/invest it as debenture in Private Limited Company through private placement.Question in respect with above are as follows:
1. Whether Section 11(5)of Income TAx Act 1961{i.e.prescribed investment}is applicable to Corpus Fund ?
2.Whether newly trust can invest corpus fund in above manner?
All of you are kindly requested to answer the same. Thanks.
Monu Bhardwaj
28 December 2010 at 21:02
We are registered dealer under Punjab Vat Act.We are purchasing Formic acid from Gujarat party.After collecting order from our customers,for passing cenvat credit to ultimate buyer,in the bill raised by the party name of the ultimate buyer is also placed by the Gujarat Party in the column consignee and in the column sold to our name is mentioned.LR is being prepared in the name of ultimate buyer,means that it is case of predetermined sale by transfer of documents of title of document.Please refer to case law of A& G Projects also which creates another comlication.
Another query is that we have a private limited company and a partnership company both the directors in the company as well as partners in the firm are same(Both Husban and Wife only;).Vat and CST Registration of both the entities are different.
but address of both the concerns are same and one only.
Now due to some practical problems we are purchasing material from Gujarat in partnership firm and effecting sale in transit without any magin to our another company at the same address.
Querty is that is it possible to effect sale in transit between two related parties having one and single address where partners and directors are same.
So.can any authority whether income tax department or sale tax department prove that as the directors and partners in both entities are same and address is also same and even no margin is added in the subsequent sale.Transcation of subsequent sale is fictitious in nature and used as a tool only to avoid or evade tax.
Futher is to possible to endorse a LR/GR to own address as both the entities are having same address.
Anonymous
28 December 2010 at 18:30
sir,
pan no alloted by uti is already alloted to some one else. thats why my return is not processed.i have't got my refund. tell me who is responsible for it.how can i get my refund soon.help me.
preet
28 December 2010 at 14:42
Electricity Units:- If variation is made in day to day consumption units of electricity that books of accunts is rejected on that basis???? plz also refer judgement
Debashis Mandal
28 December 2010 at 13:35
Respected Experts
If a service attracts service tax & as per Income Tax act also attracts TDS u/s 194c then as per rule TDS is also deductable on service tax amount with the service fees & also service tax is payable on receive basis only so if TDS is deducted on service tax then that portion is not recd by the assessee - now the question is - is that portion of service tax is also payable
thanks
Debashis Mandal
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notice u/s 143(2)
whether the A.O. can select the case for scrutiny and issue the notice U/s 143(2) with out processing the income tax return u/s 143(1)?
Since as per circular no.75/2009 For the A.Y. 2009-2010 Jurisdiction transfered to the cpc Bangolare to process the return u/s 143(1) if the A.O. has no Jurisdiction to process the Return Then how he can issue the notice u/s 143(2) And pass the Assessment Order u/s 143(3)?
As Per Explanatory Notes finance act 2008 1/2009 dated 27-03-2009 ” Generally, Tax administrations across the countries adopt two stage of procedure of assessment as part of risk management strategy. In the First Stage, all tax returns are processed to correct arithmetical mistakes, internal in consistency tax calculation and verification of tax payment. At this stage, no verification of the income is under taken. In The Second stage, a certain percentage of the tax returns are selected for scrutiny/audit on the basis of the probability of detecting tax evasion. At this stage, the tax administration is concerned with the verification of the income. Reading the explanatory it is clear that after completing the first stage A.O. can select the case for scrutiny.