ACIT 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 extinguishment of assessee’s right in Flat [&hell...
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Shri 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 provisions of section 2(47)(v) would apply only t...
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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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Periar 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....
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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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DCIT 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 months of obtaining necessary […]...
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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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Jyoti 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 family member. The […]...
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Udai Hospitals Private Ltd Vs ITO (ITAT Hyderabad) -
By virtue of JDA, assessee was parting with a portion of its land and in consideration thereof, was receiving built-up area on the land retained by it which was a transfer within the meaning of section 2(47)(v) however, AO was directed to re-compute the capital gain again by considering only elements which were necessary for the construc...
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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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