Home Highlights January 2014 Year 2014 This

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1. Addition on the sale of plot of land - The nature of land had gone irreversible change from agricultural to residential plots - this was an adventure in the nature of...

2. Gain on sale of land - Short Term Capital Gain OR business income - the assessee converted the agricultural land into non-agricultural purpose - The above transaction is...

3. Classification of head of Income – adventure in the nature of trade or sale of capital asset - sale of property after getting the flats constructed - taxable as capital...

4. Capital Gain (LTCG) or Business income - the tests laid down in the decisions support the plea of the Assessee that he did not do any adventure in the nature of trade...

5. Denial of the exemption u/s 54 - Nature of property sold - as far as shops are concerned, even where they are built on a residential plot of land (land use not being...

6. Characterization of income - profit from sale of land - conversion of agricultural land into non-agricultural land - same land was plotted and entered into agreement...

7. Characterization of income - profit from sale of land - conversion of agricultural land into non-agricultural land - same land was plotted and entered into agreement...

8. Estimated income from sale of plots- In this case, except agreement to sale for one plot, the AO does not have any other credible evidence to support his estimation of...

9. Sale and purchase of agriculture land - adventure in trade - Merely because of the fact that the land was sold for profit, it cannot be held that income arising from the...

10. Sale of agriculture land after converting into plots - once this was an adventure in nature of trade and income is to be taxed as per the provisions of Section 45(2) of...

11. Nature of sale of land - whether plot of land is agricultural land or non agricultural land - classified as dry land for which Kisthu has been paid - the land in...

12. Whether development of immovable property is in the nature of trade - period of holding since 1965 - the transaction could not come within the ambit of adventure in the...

13. Gain on sale of land - Nature of land - agricultural land or capital asset or business receipts - Simply showing the land in the balance sheet as an investment is not...

14. LTCG - no capital gains arises on the sale of agricultural land even though purchaser purchased the property with an intention of selling it for non-agricultural purposes - AT

15. Capital gain - Nature of land - Sale of agricultural land – There is no requirement in any Act more especially the I.T. Act that only the self-cultivated land will be...