Personal effect - assessee was holding paintings in a packed ...

Income Tax

September 19, 2013

Personal effect - assessee was holding paintings in a packed condition and is preserving them according to the norms required and is not displaying them at his house - these paintings cannot be held as personal effects - AT

View Source

← Previous Next →

Personal effect - assessee was holding paintings in a packed ...

Income Tax

September 19, 2013

You may also like:

The gain derived from sale of painting in the assessment year 2007–08 is not taxable as it is personal effect as defined u/s 2(14) - However, insofar as assessment year...

Manufacturing of pan masala - whether the carton shrink wrap machines are packing machines - Held No - AT

100% EOU - eligibility for exemption from duty - The condition that the goods to be re-exported have to be the manufactured goods has been fulfilled or not? - The...

Detention of motor vehicle - RANGE ROVER motor vehicle transported from Coimbatore to Thiruvananthapuram as 'used personal effect' of the 2nd respondent - detention on...

Capital assets vs personal effects - antique or decorative items and collectors items, cannot be classified as personal effects - AT

Sale of paintings - excluded from the purview of personal effects and consequently included as one of the capital asset under Section 2(14) w.e.f. 1.4.2008 - when the...

Addition on account of Unexplained paintings - Source of Investment made in the painting - the revenue had failed to place on record any ‘material’ which would...

Classification of supply - Composite Supply or independent of supply of power packs - the supply of power packs and the supply of freight and insurance services involved...

Imposition of tax - Packing material used for packing the clothes - tax not imposable on packing material used for packing the clothes - HC

Levy of GST - supply of 1kg packing red gram dal secondary packing in 50 kg bag to the AP State Civil Supplies Corporation Limited, Vijayawada - the commodity is packed...

Treatment of the assessee as Agent of non-resident and assessee in Default for non Deducting TDS u/s 195 - the claim of the assessee that simultaneous proceedings cannot...

Penalty u/s.271(1)(C) - paints were his “personal effects” - the plea of the assessee that receipts from sale of paintings were not offered to tax on a bona fide belief...

Supply of Services - activity of holding of shares of subsidiary company by holding company - During the proceedings, the Central and State Governments issued...

Sale of Personal effects - articles did not include any jewellery and they had been held for personal use by the assessee and they were subsequently sold by him to...

Benefit of section 80G - The fulfilment of conditions under Section 10(23C) of the Act is only one of the conditions prescribed under Section 80G of the Act but besides...

Quick Updates: