Centralised assessment transfer becomes unwarranted once the searched person's assessment is complete, requiring restoration to the appropriate charge...
Co-operative deduction eligibility excludes refund and commercial-bank interest, while qualifying co-operative investments require entity-wise verific...
Enhanced tax rate on surrendered unexplained income applies prospectively, while cash-deposit telescoping requires verification of available surrender...
With effect from conversion, the LLP was a separate legal entity, so municipal and property taxes attributable to the pre-conversion period belonged to the erstwhile private limited company and could not be claimed by the LLP as its own expenditure or loss. The Tribunal therefore sustained the disallowance of the pre-conversion taxes, noting that the assessee's relied-upon provisions did not apply on the facts found and that the earlier company had not filed a return. However, it accepted the alternative claim that income assessed under the head house property must carry the statutory standard deduction and directed the Assessing Officer to allow it.
With effect from conversion, the LLP was a separate legal entity, so municipal and property taxes attributable to the pre-conversion period belonged to the erstwhile private limited company and could not be claimed by the LLP as its own expenditure or loss. The Tribunal therefore sustained the disallowance of the pre-conversion taxes, noting that the assessee's relied-upon provisions did not apply on the facts found and that the earlier company had not filed a return. However, it accepted the alternative claim that income assessed under the head house property must carry the statutory standard deduction and directed the Assessing Officer to allow it.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4809 
Join Channel 
