Closing a business does not close the GST registration.
An active GSTIN can create problems later.
File for cancellation.
Complete the final returns.
Clear the outstanding dues.
A closed business and a closed GST registration are not the same.
Got a property through HUF partition? Its cost isnโt zero!
A flat jointly owned by an individual and his HUF was later allotted fully to him on partition.
He sold it for โน15.36 crore.
The AO treated the HUF shareโs cost as nil. The CIT(A) upheld it.
The Mumbai ITAT disagreed. The previous ownerโs cost had to be considered.
Indexed cost: โน17.52 crore
Result: Long-term capital loss, not gain.
Ashim Ashitbaran Desai v. DCIT | ITA Nos. 2087 & 3381/Mum/2026 | AY 2022-23 | Mumbai ITAT
Hey X Fam. ๐๐ป โค๏ธ
I'm open to connect with new people who enjoy observing life a little differently.๐๏ธ
My Niche :
- Sarcasm & relatable humour ๐
- Mordern Life & Everyday Observations.
- Human Psychology and thoughts ๐ง
If you find these topics interesting. Let's connect. I'll try to make worth your follow. ๐ค๐ป
P.S. For verification, ask my mutuals. ๐น