Articles by Nilesh Shah

Payment of admitted tax is a pre-condition to filing an appeal

Nilesh Shah 04 May 2008 at 16:19

Nilesh Shah Writes.Cell: 92246-59941E Mail: nilesh63@vsnl.comSection 249(4) provides that an appeal may not be entertained, if admitted tax remains in arrears on the date of appeal. The proviso thereto, no doubt, grants discretion to the Commissioner

No time limit for giving effect to an appeal order.

Nilesh Shah 03 May 2008 at 12:15

Nilesh Shah Writes:Cell: 92246-59941E mail: nilesh63@vsnl.comNo time limit for giving effect to an appeal order.The statute i.e section 153 does not prescribe a time limit for giving effect to the order in appeal. An addition confirmed in first appea

Change in the method of valuation of closing stock.

Nilesh Shah 29 April 2008 at 21:43

Nilesh Shah Writes:Cell: 92246-59941E mail: nilesh63@vsnl.comChange in the method of valuation of closing stock.Where the Assessing Officer revises the method of valuation of closing stock u/s 145A, he is bound to revise the valuation of opening stoc

Accrual of interest before the accrual of principal amount.

Nilesh Shah 27 April 2008 at 12:10

Nilesh Shah Writes:Cell: 92246-59941E mail: nilesh63@vsnl.comAccrual of interest before the accrual of principal amount.Interest income on compensation for compulsory acquisition is assessable on year to year basis as was decided by the Supreme Court

Whether a father can make a gift to his son's HUF.

Nilesh Shah 23 April 2008 at 23:05

Nilesh Shah writes:Cell 92246-59941E Mail: nilesh63@vsnl.comThe provisions of section 56(1)(v) were introduced for the first time by the Finance No 2 Act,2004 with effect from 1-4-2005.What has the Finance Bill No 2, 2004 has to say when the provisio

Recovery of tax & garnishee proceedings.

Nilesh Shah 23 April 2008 at 19:28

Nilesh Shah Writes:Cell: 92246-59941E Mail: nilesh63@vsnl.comGarnishee proceedings on the Unit Trust of India (UTI)or on any other mutual fund or on banks is essentially one of attachment. Where the Income tax authorities ask for pre mature redeempti

Essential ingredients of a gift.

Nilesh Shah 21 April 2008 at 19:08

Nilesh Shah Writes:Cell: 92246-59941E mail: nilesh63@vsnl.comEssential ingredients of a gift.Chapter VII of the Transfer of Property Act,1882 deals with Gifts of movable & immovable properties. Section 122 defines 'gift' as under:"Gift is a

Debts recovery tribunal & co-operative banks.

Nilesh Shah 21 April 2008 at 11:20

Nilesh Shah Writes:Cell: 92246-59941E Mail: nilesh63@vsnl.comDebts recovery tribunal do not have jurisdiction to try cases relating to recovery of dues due to a co-operative bank.The dues of co-operatives and recovery proceedings in connection there

Time limit for completion of TDS assessment.

Nilesh Shah 12 April 2008 at 18:07

Nilesh Shah writes:Cell: 92246-59941E mail: nilesh63@vsnl.comTime limit for completion of TDS assessment.The courts have held that the time limit for completion of TDS assessment would be governed by section 231 of the Income tax Act. Section 231 has

When can a sale of assets be considered as slump sale ?

Nilesh Shah 12 April 2008 at 18:07

Nilesh Shah writes:Cell: 92246-59941E mail: nilesh63@vsnl.comSlump sale is defined in sec 2(42C) of the Act.It means the transfer of one or more undertaking as a result of the sale for a lump sum consideration without values being assigned to the ind