Income Tax - Bombay High Court has held that the mere fact that an agreement for sale of property is registered does not make it a conveyance, if such agreements is conditional and possession is not transferred to purchaser....
Read MoreIncome Tax - 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...
Read MoreIncome Tax - We see many big business houses run by second or third generation families with different ideologies or intending to diversify their businesses. Occasionally, it leads to separation of business and to family disputes. While most settle the issues amongst themselves, some families drag them to court....
Read MoreIncome Tax - Under the existing provisions of the Act, conversion of security from one form to another is regarded as transfer for the purpose of levy of capital gains tax. However, tax neutrality to the conversion of bond or debenture of a company to share or debenture of that company is provided under the section 47. ...
Read MoreIncome Tax - Under clause (vib) of section 47 of the Income-tax Act any capital asset transferred by the demerged company to the resulting company in the scheme of demerger is not regarded as transfer if the resulting company is an Indian company. In such cases the cost of such asset in the hands of resulting company should be cost of such asset in th...
Read MoreACIT 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 extinguishm...
Read MoreShri Challa Ramakrishna Vs ACIT (ITAT Hyderabad) - ITAT held that Stock- in-trade can be considered as transferred only in the year in which the assessee has executed the sale deed transferring the stock-in-trade and not when the assessee has given stock-in-trade for joint development to the builder. As already held in the above cases, the provision...
Read MoreShri 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. ...
Read MorePeriar Trading Company Private Limited Vs ITO (ITAT Mumbai) - Conversion of cumulative and compulsory convertible preference shares(CCPS) into equity shares cannot be treated as ‘transfer’ under section 2(47) and no capital gain is to be computed upon such conversion....
Read MoreK. 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 d...
Read MoreACIT Vs Ashwin S. Bhalekar (ITAT Mumbai) -
Shri Challa Ramakrishna Vs ACIT (ITAT Hyderabad) -
Shri James P. D'Silva Vs DCIT (ITAT Mumbai) -
Periar Trading Company Private Limited Vs ITO (ITAT Mumbai) -
K. Vijaya Lakshmi Vs Assisstant Commissioner of Income Tax (ITAT Hyderabad) -
DCIT Vs Hema Mohanlal Divyasree (ITAT Cochin) -
M/s. Jupiter Capital Pvt. Ltd. Vs ACIT (ITAT Banglore) -
Jyoti Rakesh Kapoor Vs. ITO (ITAT Mumbai) -