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Sunday, August 9, 2020

[ACCA_Profs] Imp Verdict On Deemed Income U/s 56(2)(viib)/ Rule 11UA + Article On Taxability Of Corpus Donation To Charitable Trusts

 

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The following important updates are available at itatonline.org:

Karmic Labs Pvt. Ltd vs. ITO (ITAT Mumbai)

S. 56(2)(viib)/ Rule 11UA: The assessee has the choice to choose a prescribed method for ascertaining the market value of the shares transferred. If the assessee has chosen one method of valuation provided under Rule 11UA (i.e. DCF method), the AO has no power or jurisdiction to change that method to another method (All imp judgements referred)

Section 56 allows the assessees to adopt one of the methods of their choice. But, the AO held that the assessee should have adopted only one method for determining the value of the shares. In our opinion, it was beyond the jurisdiction of the AO to insist upon a particular system, especially the Act allows to choose one of the two methods. Until and unless the legislature amends the provision of the Act and prescribes only one method for valuation of the shares, the assessee are free to adopt any one of the methods

Issues In Corpus Donation To Charitable Trusts Not Registered U/s 12A/12AA/12AB Of The Income-Tax Act, 1961

CA Anilkumar Shah has explained the law relating to the taxation of donations to the corpus of a trust which is not registered under sections 12A/AA of the Income-tax Act, 1961. He has analyzed the statutory provisions and the important judgements on the point. He has also offered valuable guidance on what trusts should do in practice to be able to argue that the corpus donations received by them are capital in nature and not taxable as income

See Also: Digest of case laws (updated regularly) containing latest judgements reported in BCAJ, CTR, DTR, ITD, ITR, ITR (Trib), Chamber's Journal, SOT, Taxman, TTJ, BCAJ, ACAJ, www.itatonline.org and other journals


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Editor,

 

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Ravinder Kaur Grewal vs. Manjit Kaur (Supreme Court)

The settled legal position is that when by virtue of a family settlement or arrangement, members of a family descending from a common ancestor or a near relation seek to sink their differences and disputes, settle and resolve their conflicting claims or disputed titles once and for all in order to buy peace of mind and bring about complete harmony and goodwill in the family, such arrangement ought to be governed by a special equity peculiar to them and would be enforced if honestly made. The object of such arrangement is to protect the family from long drawn litigation or perpetual strives which mar the unity and solidarity of the family and create hatred and bad blood between the various members of the family (All imp judgements referred)

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