Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
Revaluation surplus credited to a retiring partner following revaluation of partnership land does not constitute the partner's share in the firm's total income and is not exempt under section 10(2A). For the relevant assessment year, distribution of the enhanced value of partnership assets attracted section 45(4), under which the resulting capital gains were taxable in the firm's hands rather than in the retiring partner's hands. The post-1 April 2021 substituted provisions did not apply. Accordingly, the addition of the revaluation surplus in the retiring partner's assessment was deleted, although the exemption claim was rejected.
Revaluation surplus credited to a retiring partner following revaluation of partnership land does not constitute the partner's share in the firm's total income and is not exempt under section 10(2A). For the relevant assessment year, distribution of the enhanced value of partnership assets attracted section 45(4), under which the resulting capital gains were taxable in the firm's hands rather than in the retiring partner's hands. The post-1 April 2021 substituted provisions did not apply. Accordingly, the addition of the revaluation surplus in the retiring partner's assessment was deleted, although the exemption claim was rejected.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
