Income Tax - The taxability of capital gains arising on transfer of title to land from the land owner to the developer in a Joint Development Agreement (JDA) has always been a heated issue. The taxation of Joint Development Agreement was never jointly agreed by the A.O. and the Assessee. There were a few hiccups in the law that were driving a way for ...
Read MoreIncome Tax - In M&A transactions, “Slump Sales” are considered to be one of the most preferred ways of carrying out a deal due to various tax and stamp duty incentives associated with it. Meaning of ‘slump sale’ In simple words, ‘slump sale’ is nothing but transfer of a whole or part of business concern as a going […]...
Read MoreIncome Tax - Section 45 of the Act, inter alia, provides that capital gains arising from a conversion of capital asset into stock-in-trade shall be chargeable to tax. However, in cases where the stock in trade is converted into, or treated as, capital asset, the existing law does not provide for its taxability....
Read MoreIncome Tax - The income arising from Sale of Shares/Debentures or other securities and real estate business will be determined and taxed on the basis, whether they are Capital Asset or Business Asset. It is important to determine, whether the income is generated from Capital Assets or from Business Assets and be determined as Capital Gain or Income fr...
Read MoreIncome Tax - Jaitley presented his third budget on Feb 29, 2016 amidst a global slump with lower commodity prices, slackening of China’s economy, volatile exchange rates and outflow by FIIs. He has been not drastically increased public spending and has been committed to maintaining a fiscal deficit of around 3.5% of India’s GDP....
Read MoreRayala Corporation Private Limited Vs. ACIT (Madras High Court) - Whether Income from Sub-leasing of properties will be considered as Income from Profits and Gain from Business or Profession (Section 28) or Income form House Property (Section 22)....
Read MoreCIT Vs M/s. Oberon Edifices & Estates (P) Ltd (Kerala High Court) - Amount received by letting out the shop rooms in the mall is business income taxable under the head Profits and gains of business....
Read MorePr. CIT Vs M/s Viksit Engineering Ltd. (Bombay High Court) - Pr. CIT Vs M/s Viksit Engineering Ltd. (Bombay High Court) We note the fact, that the issue of classification of income on sale of shares as business income or as short term capital gains is to be decided the facts of each case. The tests to be applied for such determination is provided in CBDT C...
Read MoreRayala Corporation Private Limited Vs. ACIT (Madras High Court) -
CIT Vs M/s. Oberon Edifices & Estates (P) Ltd (Kerala High Court) -
Pr. CIT Vs M/s Viksit Engineering Ltd. (Bombay High Court) -