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 MoreM/s Rajasthan Agencies Pvt. Ltd. Vs ITO (ITAT Jaipur) - Holding period for purpose of transfer u/s 2(47) was to be considered from the time of agreement to sale instead of execution of sale deed...
Read MoreDCIT Vs Hema Mohanlal Divyasree (ITAT Cochin) - DCIT Vs Hema Mohanlal Divyasree (ITAT Cochin) We have carefully perused the JDA entered between the assessee and the developer. As per the JDA (in page 3 para 4), the construction should have completed and the share of build up area marked for the assessee ought to have been handed over within 36 ...
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 MoreCIT 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, han...
Read MoreM/s Rajasthan Agencies Pvt. Ltd. Vs ITO (ITAT Jaipur) -
DCIT Vs Hema Mohanlal Divyasree (ITAT Cochin) -
ACIT Vs Ashwin S. Bhalekar (ITAT Mumbai) -
Shri Challa Ramakrishna Vs ACIT (ITAT Hyderabad) -
CIT Vs Harbour View (Kerala High Court) -
Shri James P. D'Silva Vs DCIT (ITAT Mumbai) -
Udai Hospitals Private Ltd Vs ITO (ITAT Hyderabad) -
Periar Trading Company Private Limited Vs ITO (ITAT Mumbai) -
K. Vijaya Lakshmi Vs Assisstant Commissioner of Income Tax (ITAT Hyderabad) -