Attribution of income under revaluation and valuation rules determines how tax under section 67(10) is allocated to remaining assets. Rule 50 provides that the amount chargeable to income-tax as income of a specified entity under section 67(10) is to be attributed to capital assets remaining with the entity for section 72(5). Where the charge arises from revaluation or valuation of self-generated assets or goodwill, the attributable amount is determined by a proportional formula; where it does not relate to such revaluation or valuation, or relates only to the capital asset received, no attribution is made to any capital asset. The rule also requires filing and verification of Form No. 27 by the prescribed due date.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Attribution of income under revaluation and valuation rules determines how tax under section 67(10) is allocated to remaining assets.
Rule 50 provides that the amount chargeable to income-tax as income of a specified entity under section 67(10) is to be attributed to capital assets remaining with the entity for section 72(5). Where the charge arises from revaluation or valuation of self-generated assets or goodwill, the attributable amount is determined by a proportional formula; where it does not relate to such revaluation or valuation, or relates only to the capital asset received, no attribution is made to any capital asset. The rule also requires filing and verification of Form No. 27 by the prescribed due date.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
