Articles by FCS Deepak Pratap Singh

Rule of Contra Proferentum under insurance

FCS Deepak Pratap Singh 29 November 2021 at 09:41

An insurance contract (General Insurance) is a contract of indemnity and insurance company is liable to pay the loss occurred by the insured due to happening of insured risk/perils.

Whether sum paid through MODVAT credit is not allowed as deduction u/s 43B

FCS Deepak Pratap Singh 27 November 2021 at 09:24

Section 43B(a), deduction is allowed on "any sum payable by the assessee by way of tax, duty, cess or fee." The scheme of s. 43B is to allow deduction when the sum is actually paid.

Whether it is necessary to start construction of new house after the date of sale of original assets for claiming exemption u/s 54F

FCS Deepak Pratap Singh 24 November 2021 at 09:38

As the impugned issue is squarely covered in favour of the assessee by the above decision of the honourable High Courts, we hold that assessee has purchased a house property i.e. a new asset and is entitled to exemption u/s 54F of the act

Summons issued u/s 50(2) & (3) of PMLA, 2002 cannot be quashed in Writ Proceedings

FCS Deepak Pratap Singh 23 November 2021 at 09:27

Summons issued under provisions of Section 50(2 ) & (3) of PMLA,2002 cannot be quashed in Writ proceedings

Original Assured Rights under Re-Insurance Contract

FCS Deepak Pratap Singh 22 November 2021 at 09:49

Re-insurance is one the important instrument of risk financing and risk sharing.

Some Facts Related to Fixed Deposits

FCS Deepak Pratap Singh 22 November 2021 at 09:48

We know that Bank Fixed Deposits /Recurring deposits are the most trusted instruments for savings in our country. The people generally wants to deposit their hard earned money in bank in FDs/RDs.

Whether Interest On Compensation Awarded By MACT (Motor Tribunal) Considered As Income

FCS Deepak Pratap Singh 16 November 2021 at 09:42

Whether Compensation awarded by Motor Accident Claims Tribunal - Interest on compensation awarded up to date of order of Tribunal or Court is taxable

Whether sum received from Subsidiary to the holding company in a scheme approved by High Court considered as Slump Sale

FCS Deepak Pratap Singh 14 November 2021 at 11:57

Whether any sum received from a subsidiary company by a holding company under scheme of arrangement sanctioned by High Court under provisions of Section 391 to 394 of the Companies Act, 2013 , be treated as 'Slump Sale' and liable to Capital Gain Tax?

Whether depreciation on acquired goodwill allowable under provisions of Income Tax Act 1961

FCS Deepak Pratap Singh 12 November 2021 at 09:44

As per Section 32(1)(ii), depreciation is allowable in respect of know-how, patent, copyrights, trademarks, licenses, franchises or any other business or commercial rights of similar nature.

Concept Of Deductible & Co-Payment Under Insurance

FCS Deepak Pratap Singh 11 November 2021 at 09:31

Insurance is a valuable method of transfer and reduction of risk. We generally transfer our risks to the insurance companies on the basis of payment of a small consideration called premium.