short term capital gain

As can be seen from the above the adjustment made by the assessee is according to the provisions of the Act. Since both the industrial galas fall within the block the WDV is increased by the actual cost of the asset falling within the block and reduced by the amount payable in respect of the asset sold. Accordingly we do not find any mistake in assessee's working of the block of assets which is according to the provisions of section 43(6)(c). The A.O.'s action in denying.. Full Article

CASE LAW DETAILS Decided by: ITAT Mumbai,   In The case of: Bomi S. Billimoria vs. ACIT ,  Appeal No.:,  ITA NO. 2120/MUM/1998 (Assessment Year 1993-94), Date of Order: 30th June 2009. SUMMARY OF CASE LAW The assessee, an employee of Johnson & Johnson (“J&J”) India, received from J&J, USA, on 12.7.1989 a “cashless” option to [...] Full Article

The Income-tax Appellate Tribunal (“the Tribunal”)  , in the case of First State Investments (Hongkong) Ltd. A/c  First State Asia Innovation and Technology Fund1 (“the  assessee”), examined the manner of set-off of short- term capital loss suffered from sale transactions subject  to Securities  Transaction Tax (”STT”) against short- term capital gains arising prior to introduction of [...] Full Article

Set-off & Carry Forward of losses [Sections 58 to 60] Income from various sources falling within any head of income shall be set-off. Income / Loss from Capital Gains can be set-off against Loss / Income from any other head of income (from Ordinary Sources), since the differential tax rates in respect of income from [...] Full Article

Finance Minister Pranab Mukherjee on August 10 released the New Draft Direct Tax Code. The draft, which is expected to radically change the tax structure, will now be open for discussion after which it will take the form of law. The finance minister had in his budget promised to deliver a new code within 45 [...] Full Article

Wrong selection of ITR :- One may sorely miss the old ‘one size fits all’ SARAL forms for the sheer ease and convenience of filling up the one page return, but they were not e-friendly. It was also cumbersome to attach a whole lot of supporting documents and spend a day away from the office [...] Full Article

SUMMARY OF CASE LAW Section 195 nowhere mentioned that a foreign company, who is being assessed in India on account of its business presence, will be exempt from section 195. CASE LAW DETAILS Decided by ITAT, BANGALORE BENCH `A’, In The case of: ITO (Int’l Taxation) v. Intel Tech India Pvt. Ltd., Appeal No.: ITA [...] Full Article

SUMMARY OF CASE LAW Where the transaction relating to transfer of lease hold rights of immovable property between the assessee and its group company was complete in the year 2001-02 itself in terms with the provisions of section 2(47)(v) of IT Act, 1961 read with section 53A of the TP Act, 1882, the capital gain [...] Full Article