Capital Gain - Page 6

LTCG tax payable on Transfer of client relationship & goodwill by CA firm

M/s. J.C. Bhalla & Co. Vs Addl. CIT (ITAT Delhi)

M/s. J.C. Bhalla & Co. Vs Addl. CIT (ITAT Delhi) Conclusion: Assessee-firm was entitled to claim deduction claim under Section 54EC as assessee had made an investment in the specified bonds and capital gain had arisen to the assessee from transfer of client relationship and goodwill which was long-term capital asset under section 2(14...

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No tax on Retirement compensation from Partnership firm based on revaluation of Assets

M/s. D.S. Corporation Vs ITO (ITAT Mumbai)

Retiring partners did not acquire any right in the revalued property and what they got on retirement was only money equivalent to enhanced portion of the assets re-valued which did not constitute capital asset under section 2(14) and payment of the said money by assessee-firm to retiring partners could not give rise to capital gain under ...

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Bogus Capital Gain: Cross examination Opportunity should be allowed

Sanjay Kumar Jain Vs ITO (ITAT Chennai)

Conclusion: Claim of assessee for long term capital gains arising on transfer of shares u/s.10(38) was real or sham, required a revisit by AO by considering all the evidences produced by assessee and also, AO should allow the opportunity of cross-examination  to check the nature of transaction....

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Bogus capital gains: LTCG on sale of shares via recognised stock exchange

Rajesh Singhvi and Sons (HUF) Vs ITO (ITAT Chennai)

Rajesh Singhvi and Sons (HUF) Vs ITO (ITAT Chennai) Claim of the assessee for exemption u/s.10(38) of the Act, on alleged long term capital gains arising on sale of shares of M/s.Cresanda Commercial Solutions Ltd and M/s. Surabhi Chem & Investment Ltd were disallowed by the ld. Assessing Officer considering these to be penny stock co...

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Non-Competent Fee from sale of Business Asset taxable as LTCG

Pr. CIT Vs M/s. Monsanto India Ltd. (Bombay High Court)

Pr. CIT Vs M/s. Monsanto India Ltd. (Bombay High Court) Tribunal recorded that the Non ­Compete Agreement was part of the agreement for the sale of the business. Under this Agreement, the Assessee could be seen to have transferred the right to manufacture the product in question. The Tribunal, therefore, was of the opinion that […...

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LTCG on Sale of Equity Shares/Units of Equity Oriented Mutual Fund

LTCG Tax on Equity Shares, Equity oriented Mutual Fund (MF) units Taxability upto F.Y. 2017-18/A.Y. 2018-19 Capital gains arising from sale of equity share/unit of equity oriented fund provided from tax, where the share/unit is held for a period of at least 12 months. The exemption is available if securities transaction tax (STT) is paid ...

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Posted Under: Income Tax |

Tax payable on Capital Gain if Possession handed over despite subsequent agreement cancellation

CIT Vs Harbour View (Kerala High Court)

CIT Vs Harbour View (Kerala High Court) We find that the Tribunal went wrong in holding that the possession was not handed over in pursuance of the agreement for sale as contemplated under section 53A of the TP Act. Once the sale agreement comes under the provisions of section 53A of the TP Act, handing […]...

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Capital gain on Transfer of agriculture land

Capital gain on transfer of agriculture land shall be chargeable to tax only if such agriculture land situated in an urban area.  The land will be considered as agricultural land in an urban area if it satisfies the following conditions : ♦ Any area which is in the jurisdiction of a municipality or cantonment board […]...

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Posted Under: Income Tax |

Amount received on retirement by a partner of firm was not subject to income tax

Shri James P. D'Silva Vs DCIT (ITAT Mumbai)

Amount paid to a partner upon retirement after taking accounts and upon deduction of liabilities did not involve an element of transfer within meaning of section 2(47) and not chargeable to income tax. ...

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Capital Gains – Various Aspects about Sale of Immovable Property

Understanding Capital Gains on Transfer of Immovable Property: 1. Capital Gains —taxable in the hands of the Seller i. Profits or gains arising from the transfer of an immovable property, held as a capital asset, are taxed under the head “Capital Gains”. ii. The incidence of tax on Capital Gains depends upon the period for [...

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Posted Under: Income Tax |

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