Capital Gain judiciary-2

No Capital Gain Tax on Sale of accrued FSI/TDR rights to developers

ITO Vs Mr. Deepak Talakshi Shah (ITAT Mumbai)

ITO Vs Mr. Deepak Talakshi Shah (ITAT Mumbai) Hon’ble Bombay High Court in the case of CIT vs. Sambhaji Nagar Co-op. Hsg. Society Ltd.  has held that in case of sale of FSI/TDR rights by the assessee to the developers which have accrued in favour of the assessee following promulgation of Development Control Rules for […]...

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Retiring partner to pay capital gain tax on excess amount received against Capital A/c

Savitri Kadur Vs DCIT (ITAT Bangalore)

Savitri Kadur Vs DCIT (ITAT Bangalore) Conclusion: When the partnership firm paid lump-sum amount to retiring partner, it was paid in consideration of her retirement in the partnership and assignment of her interest to other partners, the transaction would amount to transfer u/s 2(47) and liable to tax excess amount over partner’s c...

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Transfer of land would be treated as capital asset instead of stock in trade if no construction or business activity carried on same

M/s. AJB Developers Pvt. Vs DCIT (ITAT Delhi)

Where land was stock in trade in the books of account, but, there was a complete bar on assessee as per the Notification of the Ministry of Defence to raise any construction or to do any business activity therein, the land in question could not not be treated as stock in trade but as a capital asset in nature determining holding period fr...

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Entering into Registered JDA is transfer under section 2(47)

Shri. Damodar Reddy Vs ITO (ITAT Bangalore)

Since assessee along with his mother and siblings entered into a JDA with M/s. S, which was a registered document, therefore, on entering into JDA, there was a 'transfer' as per section 2(47) and consequently capital gain was attracted....

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Extinguishment of rights in capital asset is transfer of capital asset

ACIT Vs Ashwin S. Bhalekar (ITAT Mumbai)

ACIT Vs Ashwin S. Bhalekar Beamon Chambers (ITAT Mumbai) Claim of the assessee that extinguishment of rights in the capital asset is a transfer of capital asset and  capital gains and consequent allowance of claim of deduction under section 54 of the Act. The facts clearly show that the extinguishment of assessee’s right in Flat [&hell...

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Sec. 54 allowable on gain invested up to due date of filing revised ITR

Rajendra Pal Verma Vs ACIT (ITAT Mumbai)

In the case before us was entitled to claim exemption u/s. 54 to the extent he had invested towards the purchase of the new residential property under consideration upto the date of filing of his revised return of income under Sec. 139(5) i. e. on 15. 11. 2014....

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Exemption U/s. 54F available on capital gain on sale of depreciable assets

Income Tax Officer Vs Smt. Jaya Deepak Bhavnani (ITAT Mumbai)

ITO Vs Smt. Jaya Deepak Bhavnani (ITAT Mumbai) Legal fiction created in Section 50 is to deem capital gain as short term capital gain and not to deem an asset as short term capital asset and therefore it cannot be said that Section 50 converts long term capital asset into short term capital asset and […]...

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Period of holding to count from the date of provisional allotment letter

DCIT Vs Smt. Jennifer Chakraborty (ITAT Kolkata)

The word held used in section 2(14) implies right over a capital asset. In the instant case, right over the property was held by assessee for the period of 36 months, by paying first installment and builder issued a provisional letter of allotment and from that period, assessee had been enjoying legal right over the said property. ...

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No deduction u/s 48 for clearing off mortgage created by assessee prior to transfer of land

Smt. D. Zeenath Vs ITO (Madras High Court)

Smt. D. Zeenath Vs ITO (Madras High Court) Conclusion: Assessee created mortgage after acquiring the property and clearing off of the mortgage debt prior to transfer of the property would not entitle her to claim deduction under section 48 as there was only a mere application by the owners themselves of the profits realized on […]...

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Brought forward long-term capital loss and brought forward business loss can be set off against STCG computed U/s. 50

ITO Vs M/s Smart Sensors & Transducers Ltd. (ITAT Mumbai)

ITO Vs M/s Smart Sensors & Transducers Ltd. (ITAT Mumbai) As regards to set off of business loss against gain on sale of depreciable asset of factory building by the assessee, we find that the co-ordinate Bench of the Tribunal in the case of M/s. Raj Shree Roadlines vs ITO (ITA No.1627/Mum/2012) for A.Y . […]...

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