capital receipts

What is the Budget? Why is it so important? Why does it affect all of us? And, above all, how does one interpret the budgetary lingo flying around? Union Budget is the annual report of India as a country. It contains the government of India's revenue and expenditure for the end of a particular fiscal year, which runs from April 1 to March 31. Full Article

If there is a discontinuance of business then sum received by partners after discontinuation would be taxed as income in the hands of recipient; receipts under the arbitration award, by the partners after dissolution of the firm would ordinarily be capital receipts in their hands when received. Full Article

The assessee earned long-term capital gains of Rs. 40.57 L which was not chargeable to tax u/s 54EC. As the said gains were credited to the P&L A/c, the assessee excluded the gains whilst computing “book profits” u/s 115JB in view of the Special Bench judgement in Sutlej Cotton Mills 45 ITD 22 (Cal) (SB) where it had been held that non-taxable capital receipts had to be excluded from book profits. The AO and the CIT (A) rejected the claim. On appeal by the assessee H.. Full Article

A treasury can be : the part of a government which manages all money and revenue.the funds of a government or institution or individual.the government department responsible for collecting and managing and spending public revenues . depository (a room or building) where wealth and precious objects can be kept.he center of financial operations within a company. Full Article

The Centre has changed the definition of ‘income’ under the Income-Tax law to ward off litigation on a Budget proposal on taxation of property passed on as gifts. The gifting route was hitherto used to escape the tax net, but this Budget sought to plug this loophole by bringing to tax, at the hands of [...] Full Article

CASE LAW DETAILS Decided by ITAT, MUMBAI BENCH ‘B’, MUMBAI, In the Case of Parke Davis (India) Ltd. v. JCIT, Appeal No. : ITA NO. 506/HYD/2000 , Decided on JANUARY 6, 2009   SUMMARY Where the payment was received by the assessee for ceasing and desisting from carrying on the business of the manufacture and [...] Full Article