"23 January 2012" Archive

Analysis of SC judgment in the case of Vodafone International Holdings B.V. Vs. UOI

Vodafone International Holdings B.V. (VIHB), a Dutch based Vodafone entity, acquired a controlling stake in Hutchison Essar Limited [(HEL), now known as Vodafone Essar Limited VEL)], an Indian company, from Cayman Islands based Hutchison Telecommunications International Limited (HTIL) by acquiring shares of CGP Investment (CGP), a Cayman ...

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Posted Under: Income Tax |

Income arising from sale of shares to be taxed as ‘Long term capital gain’ and not as ‘Income from other sources’

Smt. Amita Agarwal Vs. Assistant Commissioner of Income Tax (ITAT Agra)

Smt. Amita Agarwal v. ACIT (ITAT Agra) -Assessee filed her return wherein income arising from sale of shares was shown as 'Long-term Capital gain' - Assessing Officer, however, brought said amount to tax under head 'Income from other sources' - On appeal before Tribunal, Judicial Member, allowed assessee's claim in light of overwhelming e...

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ICAI enters into an arrangement with TAXMANN to provide the contents of its website only at Rs.3500/- to the members of ICAI

As an ongoing attempt to enable the members to keep pace with the latest developments in direct taxes, the Direct Taxes Committee of ICAI has entered into an arrangement with Taxmann, a reputed and a well known publisher, wherein Taxmann has agreed to provide all materials that are published and made available by it as a part of its stand...

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Posted Under: Income Tax |

Overview of Capital Gains

Profits or gains arising from the transfer of a capital asset during the previous year are taxable as Capital Gains under section 45(1) of the Income Tax Act. The taxability of capital gains is in the year of transfer of the capital asset....

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Posted Under: Income Tax | ,

CBI Files Chargesheet against Addl. Commissioner Income Tax, ACIT and a Businessman in A Bribery Case Of Rs. Two Crore

The Central Bureau of Investigation Mumbai has filed a chargesheet against an Additional Commissioner of Income Tax (an IRS Officer of 1992 Batch); her husband (a Chemical Engineer & a businessman of Mumbai) and an Asst. Commissioner of Income Tax in a bribery case of Rs.Two crores. ...

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Posted Under: Income Tax |

Overview of Income from House Property

Under the Income Tax Act what is taxed under the head ‘Income from House Property’ is the inherent capacity of the property to earn income called the Annual Value of the property. The above is taxed in the hands of the owner of the property....

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Posted Under: Income Tax | ,

HC upholds decision to levy service tax on flat, shop construction

In a decision that might have an impact on realty prices, the Bombay High Court has upheld the decision of the Union government to levy service tax on construction of flats and shops. A division bench held by Justice DY Chandrachud and Justice Amjad Sayed on Friday upheld the decision of the Centre to levy service tax, saying it was legal...

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Posted Under: Income Tax |

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