Deeming fiction under income tax act

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WebMay 25, 2024 · It is true that proviso (b)to section 10(2)(vi)( Corresponding to section 32(2) of Income Tax Act 1961) creates a legal fiction and under that fiction unabsorbed … WebJul 9, 2024 · Deemed dividends are to be declared as income under the head of income from other sources. No special rates are charged on deemed dividends and it is charged …

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WebOct 11, 2011 · This language eliminates the need for the IRS to file tax liens in every location to which a taxpayer may move by creating a fiction and deeming the property situated at the location where the property was located when the lien was filed. In re Eschenbach, 267 B.R. 921, 924 (Bankr.N.D.Tex.2001). WebInstead, that section merely “erects a fiction which, applying those terms in their usual meaning, leads to a different way of recovering income tax from qualifying divers. The same conclusion also followed from a … kwc armaturen gastro

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WebAnd the Saga Begins! Income Tax Department released Json utility for ITR Form 1 and 4. Income Tax Return filing season starts now. #incometaxreturn… WebDeeming Fiction in Income Tax Act by CA Adv Kapil Goel. 1,379 views Streamed live on Apr 17, 2024 Deeming Fiction in Income Tax Act by CA Adv Kapil Goel ...more. … WebMar 26, 2024 · Section 50C in the Income Tax Act, 1961 is a Special Anti-avoidance Provision for Determining Sale Consideration for Capital Gain but shall not for Determining Exemptions from Capital Gain. 1. Introduction. Section 50C in the Income tax Act, 1961 was inserted in the Act by the Finance Act, 2002 w.e.f. 1.4.2003. proffernandosa

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Deeming fiction under income tax act

FAQs On Slump Sale Under The Income-tax Act, 1961 - Articles

WebDec 20, 2024 · Deeming fiction of section 50C cannot be considered for purpose of exemption under section 54EC. Nila V.Shah vs CIT Mumbai on 29 February, 2012 IN … WebJul 1, 2024 · Tax legislation often contains deeming provisions, which ask the reader to pretend a legal fiction is real. What does it mean to me? This is an introduction to some …

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Webof Calcutta dated 22 November 2016 in an appeal under Section 260A of the Income Tax Act, 1961. 3 The appellant was registered as a non-banking financial company under the Reserve Bank of India Act, 1934. The appellant filed its return of income on 27 ... the deeming fiction provided in the explanation would not be attracted. In the present ... WebThe board Kansas tax review commission shall not be a party to 14 any action for judicial review of an action of the board Kansas tax review 15 commission. 16 (2) There is no …

WebJul 16, 2024 · The company does not earn any income when it issues share at a premium. However, by virtue of deeming fiction, the premium which is received in excess of the … Web1,900 times in regulations.2 With 399 appearances in the Income Tax Act3 and 19 in the Income Tax Regulations, “deem” is also a fixture in Canadian income tax law.4 …

WebJul 7, 2024 · It has been made so by legal fiction created under section 2(22)(e)of the Act read with section 56 of the Act. The words “deem” or “fiction” or irrebuttable … WebJun 27, 2016 · Under the Finance Act, the explanation to section 65B (44) provides a deeming fiction that an unincorporated association or a body of persons (“BOP”), as the case may be, and a member thereof shall be treated as distinct persons and since the concept of mutuality has been done away with the deeming fiction, collections from …

WebIncome Tax Act, 1961, Section 45(3). Income Tax Act, 1961, Section 50C. Capital gains--Transfer of capital assets by partner in a firm as capital contribution--AO invoked section 50C for arriving at full value of considerationConclusion: Where assessee partner transferred land as capital contribution to its partnership firm and case of assessee fell …

WebAug 2, 2024 · For a comprehensive commentary on the Reassessment provisions under the Income-tax Act, as introduced by the Finance Act, 2024, refer to Taxmann's New Law Relating to Reassessment. 1. … kwc airsoft gunsWebApr 11, 2024 · Calcutta High Court held that invocation of revisional jurisdiction by PCIT u/s 263 of the Income Tax Act ignoring the order passed u/s 153A of the Income Tax Act as immaterial and irrelevant unjustified. Facts- This appeal filed by the revenue under Section 260A of the Income Tax Act, 1961 (Act) is directed against the order dated 18th April ... kwc athletics flickrWebMay 26, 2024 · E. General findings given by the Court are brought out hereunder: 1. Section 68 of the Act would cover within its ambit credit in the nature of share capital and share premium. 2. The initial onus is on the … proff clinigma