HUF is relative for the purpose of gift exemption u/s 56(2)(v) of Income Tax Act, 1961

0 comments Wednesday, June 29, 2011
The Rajkot ITAT has held in an important case namely Vineetkumar Raghavjibhai Bhalodia vs. ITO that HUF is included in the list of relative and gift from HUF will be exempt as HUF is also a group of relatives. This is very important decision in my view as per this order if a person recieves gift from his HUF then such gift will be termed as gift from relative and no tax implications would arise.
Read On

Madras HC stayed collection as well as registration under service tax on lawyers

1 comments
After the stay of service tax on lawyers by Delhi, Gauahati and AP High Courts,  Madras High Court has also stayed the levy of service tax on Lawyers. Madras High Court has not only interimly stayed levy and collection of service tax on lawyers but also has restrained the service tax department from compelling the lawyers to get registered under the Service Tax Law.
Read On