Capital Gain - Page 10

Merely holding shares for a short period will not convert capital gain into business income

Pr. 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 Circular No.4 of […]...

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Date of Transfer in JDA when assessees merely entitled to a specified constructed space

Atluri Usha Rani Vs Asst. CIT (ITAT Hyderabad)

Atluri Usha Rani Vs Asst. CIT (ITAT Hyderabad) I have carefully considered the rival submissions and perused the record. I have also carefully perused the development agreement-cum-GPA. The said agreement shows that the builders and developers have to bear all the expenditure for preparation of the said plan, obtaining licenses, permissio...

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Year of taxability on Transfer of land pursuant to development agreement

K. Vijaya Lakshmi Vs Assisstant Commissioner of Income Tax (ITAT Hyderabad)

K. Vijaya Lakshmi Vs ACIT (ITAT Hyderabad) The development agreement implied that assessee did permit the developer to enter into the premises and to do all the necessary things for construction of apartments. Some of the agreement holders also sold the flats in semi-finished condition or in fully developed condition, whereas few like ass...

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Gain on sale of Shares held for more than 12 months as investment is LTCG

ACIT Vs M/s. Wig Investment (ITAT Delhi)

ACIT Vs M/s. Wig Investment (ITAT Delhi) AO has treated not only the gain on mutual funds as business income but also gain on profit and sale of shares as also as business income. Now in view of the CBDT Circular dated 29.9.2016, if shares are held for more than 12 months which have been […]...

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Reduction of Equity Share Capital – Tax Implication

The point of issue, for discussion herein, is whether a reduction of equity share capital by a company, for writing off, in the books of account, the accumulated losses of past years (in a previous year of relevance), is tantamount to a transfer by its shareholder ...

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Posted Under: Income Tax |

Conversion of company into LLP – “Clear road” ahead?

Designed with the advantages of a flexible organisational structure, perpetual succession, limited liability and tax efficient distribution of profits to partners, Limited Liability Partnerships (LLPs) have become one of the most popular modes of doing business in India. With greater clarity in the government’s policy towards LLPs and e...

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Posted Under: Income Tax |

Bogus Capital Gain- Addition cannot be made merely on assumption that brokers may have done manipulation

DCIT Vs Rakesh Saraogi & Sons (HUF) (ITAT Raipur)

Assuming that the brokers may have done some manipulation but the assessee cannot be held liable for the Act of the brokers when the entire transactions have been done through banking channels duly recorded in the Demant accounts with a Government depository and traded on the stock exchange....

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Loss due to reduction in Face Value of share capital is Capital Loss

M/s. Jupiter Capital Pvt. Ltd. Vs ACIT (ITAT Banglore)

Section 2(47) is containing an inclusive definition and inter alia, it provides that relinquishment of an asset or extinguishment of any right there in amounts to a transfer of a capital asset....

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Issues In Allowing Exemption U/S 54 & 54F- Long Term Capital Gain

Long term capital gain on purchase of residential house is exempt u/s 54 & 54F. The author do not wish to go in the procedure of calculating capital gain. The subject addressed in this article is connected with various issues which are concerned with the allowability or otherwise of the long term capital gain invested in the purchase of r...

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Posted Under: Income Tax |

Tax on Sale of land which was leased for a very long period

ACIT Vs M/s. Punjab Steel Rolling Mills (Baroda) Pvt. Ltd. (ITAT Ahmedabad)

Where assessee had transferred land owned by it to lessee for a long period but subsequently when the lessee company went into liquidation had transferred lease right, the same was taxable under the head Capital gains instead of Income from other sources because even though the land was transferred for a long period, the actual ownership ...

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