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, ...
Income Tax : Designed with the advantages of a flexible organisational structure, perpetual succession, limited liability and tax efficient dis...
Income Tax : We see many big business houses run by second or third generation families with different ideologies or intending to diversify the...
Income Tax : Under the existing provisions of the Act, conversion of security from one form to another is regarded as transfer for the purpose ...
Income Tax : Under clause (vib) of section 47 of the Income-tax Act any capital asset transferred by the demerged company to the resulting comp...
Income Tax : The issue involved taxing capital gains from a development agreement in multiple years. The court held the same income cannot be t...
Income Tax : The Tribunal held reopening valid as tangible material showed undisclosed capital gains. It ruled that execution of a registered s...
Income Tax : The issue was whether a Joint Development Agreement (JDA) constituted transfer triggering capital gains. The tribunal held no taxa...
Income Tax : The Tribunal held that tenancy supported by rent receipts, bills, and agreements cannot be treated as a sham. It upheld exemption ...
Income Tax : The Tribunal held that transfer took place in 2000 upon execution of a registered development agreement and receipt of full consid...
In the case of shares of unlisted companies, transfer would take place, only when valid share transfer form in form no. 7B is delivered to the company and endorsed by the Company. Therefore, for effective transfer of shares a mere agreement for transfer of shares is not sufficient, unless it is physically transfer shares by delivery of share certificate along with duly signed and stamped share transfer form.
ITAT held that Section 53A of 1882 Act, by incorporation, stood embodied in section 2(47)(v) of the Act and all the essential ingredients of Section 53A of 1882 Act were required to be fulfilled to attract sec 2(47). In the absence of registration of JDA
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 the hands of demerged company as increased by the cost of improvement, if any, incurred by the demerged company.
When a partner receives her/his share in the assets of the partnership firm or when he receives anything in excess of her/his share in the assets of the partnership firm and even in a case a partner receives a share of profit either in case of retirement or in case of dissolution, the same cannot be brought to tax
