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It was held that transfer of development rights does amount to transfer of land or building and therefore s. 50C is applicable is applicable because u/s 2(47)(v) the giving of possession in part performance of a contract as pers. 53A of the Transfer of property Act is deemed to be a transfer.
The object of the transaction namely the loan transaction is towards the purchase of the capital asset as against the running of the regular business such a receipt would be a capital receipt. Therefore, by applying the said principle laid down by the Honourable Apex Court there is no doubt that the grant of loan being one for the purpose of purchase of capital asset which was also utilised for the same is only a capital receipt.
Incomes exempt under the regular provisions of the ITA would be liable to tax under MAT if they are not expressly excluded under the Explanation providing permissible adjustments to be made in computing the book profit.
Supreme Court held that Looking to the amount of tax involved in this case, we are of the view that the High Court ought to have decided the matter on merits. In all such cases where there is delay on the part of the Department, we request the High Court to consider imposing costs but certainly it should examine the cases on merits and should not dispose of cases merely on the ground of delay, particularly when huge stakes are involved.
Merely because the long term capital gain is exempt under section 47(iv) under the normal provision of the Act, it is not correct to say that it is also to be reduced from the net profit for the purpose of computing book profit under section 115JB of the Act when the Explanation to section 115JB does not provide for any deduction in terms of section 47(iv)
Some of the crucial documents which could throw light on Commonwealth Games deals have gone missing with the probe agencies fearing that they could have been destroyed or hidden.Official sources said that the key files, which contain important information on tendering, budgetary allocation and contract details, are missing from the Commonwealth Games Organising Committee (OC) office.
Latest and fully updated TDS Rates / TDS Chart for A.Y. 2011-12 / Financial Year 2010-11 with all the amendments till the date of publication of this article is given below. In Budget 2010 TDS rates has not been changed but cut off amount has been pr
An unnecessary complication has been created by the interpretation made of section 40 (a) (i) of the Income Tax Act read with section 195 of the Act by both the appellant and the respondents. First of all, a proper meaning has to be ascribed to the expression “chargeable” under the provisions of this Act. Section 195(1) says that, if any interest is paid by a person to a foreign company, which interest is chargeable under the provisions of this Act tax should be deducted at source.
The income tax department has ordered a special audit of the accounts of Commonwealth Organising Committee after detecting multiple violations of procedures. A detailed analysis of books of accounts was required to ascertain the extent of non-compliance by the committee, a tax department official told to media.
The income tax (I-T) department is still waiting for members of Adarsh Cooperative Housing Society to submit details of the investment they have made in flats in the 31-storeyed tower. The department had issued notices to the Colaba housing society’s members asking six questions related to their flats, the investment made in them and other details such as tax returns filed and Permanent Account Numbers (PAN).
