Is Resultant Company eligible for deduction of demerger expenses under Section 35DD?
Section 35DD- Where an assessee, being an Indian company, incurs any expenditure, on or after the 1st day of April 1999, wholly and exclusively for the purposes of amalgamation or demerger of an undertaking, the assessee shall be allowed a deduction of an amount equal to one-fifth of such expenditure for each of the five successive previous years beginning with the previous year in which the amalgamation or demerger takes place.
Can an agent u/s 163 be assessed in individual capacity in relation to the income of NR?
An agent under Section 163 of the Income Tax Act includes any person who has any business connection with the NR or from or through whom the NR is in receipt of any income whether directly or indirectly.
Is Writ available as an option where alternative statutory remedies have not exhausted?
As per the constitution, the High Court should not be entertaining a Writ as long as the alternative statutory remedies have not exhausted.
Should running of a hostel by college amount to business activity?
As per Section 11(4A), benefit of exemption shall not be available in relation to any income of a trust or an institution, being profits and gains of business, unless the business is incidental to the attainment of the objectives of the trust or, as the case may be, institution, and separate books of accounts are maintained by such trust or institution in respect of such business.
Whether the permissible variance of 10% under section 50C is applicable retrospectively?
Finance Act, 2021 made an amendment to third proviso of section 50C in pursuance of which permissible variation between sale consideration and stamp duty value was increased from 5% to 10%.
Can personal hearing be allowed in case of faceless assessment?
Whether personal hearings can still be opted in today’s era of faceless assessments has been an area of discussion by many. Indeed, the privilege of personal hearing comes along with several perks and downsides. Whether the same is a thing of the past or not, has been discussed below.
