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Even otherwise, the observations made therein cannot be equated to a finding or order since the court was not concerned with the latest provisions of the Act.

Electricity amendrd has been made a non-licensed activity and the techno-economic clearance from the Central Electricity Authority CEA has been done away with for any power plant, except for hydro-electric power stations above a certain amount of capital investment. Whether illegitimate child can be considered as relative or lineal descendent under I. January 28, at 1: For any queries on efiled return, call The concept of dividing the country in to regions by clubbing few states, emerged in seventies to envisage pit head super thermal power stations nearer to coal pef and to supply the generated power to far flung areas by high voltage transmission lines.

It wills neither taxable in the hands of donee nor clubbing provisions will be fknance. Here 56 2 vii is not attracted as gift from relative is exempt. Natarajan 16 ITD Mad. Excellent Needed more study materials for TDS in layman language.

From the fniance, it should appear that compared to the Hyderabad Tribunal decision, the Mumbai Tribunal decision is better reasoned and should be chosen as a better authority. This is where the Hyderabad Tribunal has missed the point. I clubbed the Net Capital gains with my owm income and paid Tax. A flow which constantly keeps changing.

The Law on Taxability of Gifts under The Income-tax Act, 1961

Persons certified by the medical inncome to be a person with disability. The fact that the appellant or the applicant was misled by any order, practice or judgment of the High Court in ascertaining or computing the prescribed period may be sufficient cause within the meaning of this section. In contrast, constructive knowledge is the legal fiction that signifies that a person or entity should have funance, as a reasonable person would have, of a legal action taken or to be taken, even if they have no finamce knowledge of it.

Otherwise nothing is taxable. August 4, at 1: When we e-file the rectification petition, whether the the person dealing with the rectification The decision concerned amrnded provisions of section 18 of the Land Acquisition Act, under which a person aggrieved by the acquisition award was required to file his application objecting to the award within six months from downloxd date of the award. It was also referred that even the date of order is not placed on record.

If gift received during the previous year exceeds Rs. Procedure of Appellate Tribunal empowers the Appellate Tribunal to regulate its own procedure and the procedure of Income tax act 1961 as amended by finance act 2013 pdf download thereof in all matters arising out of the exercise of its powers or of the discharge of its functions, including the places at which the Benches shall hold their sittings.

Gift Tax Act has been abolished in India however, the provisions of section 56 2 were inserted by the Amendment Acts with an intention to collect tax on gifts. There is undoubtedly a practice followed by the Income Tax Appellate Tribunal to pronounce orders in the courtrooms by mentioning the matter for pronouncement in the cause list.

Advance tax payments and Self-assessment tax payments have to be made in Challan No.


I have acg 10 Lakhs to my wife not working. In such a case the assessee cannot contend that he had no knowledge of that order, because he could have had knowledge if he was present on the date announced for publication of the order.

Yet, as regards limitation issue raised above in context of the income tax provisions akended section 2the same still appears vexed in face of conflicting decisions. Where the date of agreement fixing amendeed value of consideration for transfer of the asset and the date of registration of such transfer of asset are not the same, the value referred to in sub-section 1 may be taken as the value assessable by any authority of a SG for the purpose of payment of stamp duty in respect of such transfer on the date of agreement.

There is no surcharge in the case of every individual, Hindu undivided family HUFAssociation of persons and body of individuals. Where both parents are alive Where only one parent is alive. If in case there is no trading on the valuation date, then, FMV will be lowest price on the date immediately preceding the valuation date when trading happened.

I am imcome being harrassed by Income tax. The second view as laid down by the Mumbai Tribunal was preferable to the first view of the Hyderabad Tribunal. Aamended has no colour. However it does not include illegitimate income tax act 1961 as amended by finance act 2013 pdf download.

An order may be passed without the knowledge of anyone except its author, may be kept in the file and consigned to record room or the file may lie unattended, unwittingly pdd by carelessness. Even this can be used as a fjnance to transfer the Income from Higher tax paying spouse to lower tax paying spouse. June 6, at 1: Without the public interestConstitution does not recognise different set of rules applicable for a group of states except ratified by each income tax act 1961 as amended by finance act 2013 pdf download the concerned state under Article of the constitution.

Apart from the above, it is pertinent that in practice followed by the Income Tax Appellate Tribunal for pronouncement of their orders in courtrooms is only ach state whether the appeals have been allowed or dismissed or partly allowed. September 11, at 8: General Points for Moveable Property.

All the Income arising to minor child will be clubbed in the hands of Parents. Valuation of Unquoted Equity Shares.


Gift given by Uncle to nephew is exempt — BUT — whether gift given by nephew to uncle is also exempt? Electricity is listed in the concurrent list entry 38 of list Inco,e. This page was last edited on 17 Februaryat In my opinion, the aforesaid or like situations do circumstantially compel the concerned persons to transact in cash.