Section 115BBE classification requires a valid deeming-provision basis before special taxation, while the enhanced rate's temporal application remains...
Coercive recovery during GST searches is restrained pending scrutiny, preserving normal business operations and requiring adherence to investigation g...
Succession of a firm by a company satisfies section 47(xiii) where all assets and liabilities immediately before succession vest in the company and partners receive only company shares. Pre-succession capital withdrawals, asset sales and changes in partners' profit-sharing ratios do not, absent a statutory restriction, disqualify the succession or make it a taxable transfer. Search-assessment proceedings require incriminating material: routine board resolutions, no-objection certificates, legal notes, valuation reports and firm-constitution records generated in ordinary business are not incriminating. In their absence, assessment under section 153A is not maintainable, and the departmental appeal was dismissed.
Succession of a firm by a company satisfies section 47(xiii) where all assets and liabilities immediately before succession vest in the company and partners receive only company shares. Pre-succession capital withdrawals, asset sales and changes in partners' profit-sharing ratios do not, absent a statutory restriction, disqualify the succession or make it a taxable transfer. Search-assessment proceedings require incriminating material: routine board resolutions, no-objection certificates, legal notes, valuation reports and firm-constitution records generated in ordinary business are not incriminating. In their absence, assessment under section 153A is not maintainable, and the departmental appeal was dismissed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
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