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 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 MoreM/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....
Read MoreJyoti Rakesh Kapoor Vs. ITO (ITAT Mumbai) - Jyoti Rakesh Kapoor Vs. ITO (ITAT Mumbai) We find merits in the arguments of the assessee for the reason that the assessee has gifted her 50% share in the property in favour of her brother in law in pursuance of family arrangement between the family members for acquiring separate property for each f...
Read MoreM/s Mangilall Estates (P) Ltd. Vs. DCIT (ITAT Kolkata) - Under section 2(47)(v ) any transaction involving allowing of possession to be taken over or retained in part performance of a contract of the nature referred to in section 53A of the 1882 Act would come within the ambit of section 2(47)(v). ...
Read MorePeriar Trading Company Private Limited Vs ITO (ITAT Mumbai) -
K. Vijaya Lakshmi Vs Assisstant Commissioner of Income Tax (ITAT Hyderabad) -
M/s. Jupiter Capital Pvt. Ltd. Vs ACIT (ITAT Banglore) -
Jyoti Rakesh Kapoor Vs. ITO (ITAT Mumbai) -
M/s Mangilall Estates (P) Ltd. Vs. DCIT (ITAT Kolkata) -
CIT Vs. Dr. Arvind S. Phake (Bombay High Court) -
Rukiyabanu Gullam Mohiuddin Ahmedji & Anr. Vs CIT (ITAT Mumbai) -