Where the intention of assessee for purchase of the land was for resale and within a short period of time though the sale was only to the companies of which the assessee was a director, it was apparent that assessee was acting as an interface to purchase the lands from the land owners and then converted in non-agricultural use and sold to these companies who were in the business of real estate. Hence, properties sold were not excluded from the meaning of capital asset, as they were not agricultural land as defined by section 2(14).
M/s. SDB Estate Private Limited Vs ITO (ITAT Mumbai) We find that the assessee, in this case, had filed detailed evidence to prove the genuineness of transactions e.g. copies of form for allotment of shares, confirmation of shareholders and other documents as mentioned above. The department has relied upon the general statement of Shri Mukesh […]
How many house you can own and what are the tax implications of owning more than one house? People frequently ask me as to how many house one can buy and own at a time in own name. The answer is as many as you want and can afford. So there are no restrictions under […]
Where the exemption claimed under section 11 and 12 has been denied by the Assessing officer, what can be brought to tax is the net income in the hands of the assessee trust and not the gross receipts.
Pr. CIT Vs DLF Commercial Projects Corporation (Delhi High Court) Neither the provisions of section 194C nor section 194J obliges the person making the payment to deduct anything from contractual payments such as those made for reimbursement of expenses, other than what is defined as “income”. The law thus obliges only amounts which fulfil the […]
When the very arrest of the petitioners is not prohibited prior to the completion of the assessment, any coercive action lesser than arrest, can not also be said to be prohibited.
DCIT (E) Vs Shree Bhartimaiya Memorial Foundation (ITAT Ahmedabad) The solitary question that arises for adjudication whether the trust has incurred deficit due to excess spending on the object of the trust during the particular year and whether excess expenditure incurred in earlier years by the trust could be allowed to be set off against […]
CIT Vs Saifee Hospital Trust (Bombay High Court) The Assessing Officer held that services of catering rendered by M/s Monginis is technical service and therefore, deduction of tax at source by the respondent has to be under Section 194J of the Act. However, in appeal both the Commissioner of Income Tax (Appeals) (CIT(A)) as well […]
Uthangarai Sri Vidya Mandir Educational and Social Welfare Trust Vs ACIT (Madras High Court) In the present case, the officer proceeds to mechanically call upon the petitioner to remit 20% of the demand without examining the appropriateness of the direction to the facts and circumstances of the petitioners’ case. For this sole reason, Hon’ble High […]
Real Estate Sector- New Tax Regime — Consequent upon introduction of new tax regime for real estate sector, Government has issued two trenches of Frequently Asked Questions (FAQs) for the benefit of trade and officials. The first set of compilation of FAQs for real estate sector was issued on 07.05.2019 by CBIC to clarify doubts […]
