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Join our free webinar on July 7 at 5 PM for insights into 10 recent High Court income tax judgments favoring assessees. Expert analysis by CA Dipak Dama.
In a tri-partite construction business model, there are 3 parties involved: i) The land owner; ii) The Builder/developer & iii) The contractor (who undertakes the construction). Typically, in such a model, the land owner enters into an agreement with the builder, whereby, the land owner gives either land/development rights (to construct/develop a residential complex and sell flats/houses of such complex to buyers) to the builder.
Delhi High Court held In the case of Agson Global Pvt. Ltd. & Ors vs. Income Tax Settlement Commission & Ors that the powers and functions of an income tax authority which are to be exclusively exercised by the settlement commission must be in the context of and have a nexus with the settlement proceedings.
Delhi High Court held In the case of Principal CIT vs. Facor Power Ltd. that no substantial question of law arises for our consideration. This is so because, the Tribunal has correctly placed reliance on the decision of this Court in Indian Oil Panipat Power Consortium Limited [2009 315 ITR 255 (DEL).
Delhi High Court held In the case of M/s. Aggarwal And Modi Enterprises (Cinema Project) Co. Pvt. Ltd Vs. CIT that whether a liability is ascertained or contingent is dependent on the facts of each case. Merely because a liability may be contractual or non-statutory would not make it incapable of being ascertained.
Delhi High Court held In the case of Principal CIT vs. M. Tech India Pvt. Ltd that in cases where the payments are made for purchase of software as a product, the consideration paid cannot be considered to be for use or the right to use the software.
Supreme Court held In the case of CIT vs. Bank of Nova Scotia that there is no substantial question of law, the facts and law having properly and correctly been assessed and approached by the CIT (A) as well as by the ITAT that for levy of penalty u/s 271C
CA Umesh Sharma Arjuna (Fictional Character): Krishna, Government of India has come up with the scheme of “Startup India” on the eve of Republic Day. On the Republic day as we see the parade and various “Presentations” on Rajpath, likewise what will be different in the presentation of “Startup India” scheme in a Tax parade? […]
The Finance Act 1995 has introduced a new chapter XIV-B in the IT Act with a view to providing a special procedure for assessment of search cases with effect from 1.7.1995. As per the Memorandum explaining the provisions of the Finance Bill 1995, in the old Scheme; valuable time was lost in trying to relate […]
The Finance (No.2) Act 1998 has made far-reaching changes in the provisions of Income-Tax Act 1961 relating to the taxation of educational and medical institutions. The reasons for the same, as stated in the Finance (No.2) Bill 1998, are as follows:
COMPENSATION BY WAY OF DAMAGES FOR BREACH OF CONTRACT FOR SALE OF LAND –WHETHER LIABLE TO INCOME-TAX? The expression ‘contract for sale’ is defined in S.54 of the Transfer of Property Act (T.P. Act). As per S.54 of the T.P. Act, a contract for the sale of immovable property is a contract that sale of such property shall take place on terms settled between the parties. It is important to note that a contract for sale, does not, by itself, create any interest in or charge on such property.
