Articles by FCS Deepak Pratap Singh
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Will it be possible to re-open assessment only because of a change of opinion?
We know that provisions of sections 147 to 151 of the Income Tax Act,1961 deal with Reassessment and escaped assessment of income of an assessee. Income Tax Officer under these provisions reassess by reopening the cases assessed earlier on the believe that incomes or profits or gains chargeable to income tax has escaped assessment.
Will profit on sale of a car used for personal purposes be taxable under the IT Act?
Whether the profit on sale of a car in personal use for 6 years be taxable under provisions of the Income Tax Act, 1961
Rule of Contra Proferentum under insurance
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
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
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
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
Re-insurance is one the important instrument of risk financing and risk sharing.
Some Facts Related to Fixed Deposits
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
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
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?
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