Home Highlights May 2011 Year 2011 This

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1. Assessee’s society is covered by the doctrine of mutuality and this amount was not taxable - income received from the members is exempt and the income received from...

2. Assessment of housing society - consideration received on the transaction carried out for redevelopment of the land (LTCG) taxation in the hands of the society or not? -...

3. Refund claim of input service tax credit - input service or not - Erection, Commissioning & Installation Services - Construction or execution of works contract of a...

4. Taxability of amount received - Co-operative Housing Society - receipt of a gratuitous payment from an outgoing member for the time he has resided in the society - no...

5. LTCG - Deemed Sale Value - DVO was not justified in valuing the building, because the assessee was owner of the land only and the building was not constructed or owned...

6. Approval u/s 80G Denied - Real purpose to construct a building not known - Revenue submitted that the applicant generated huge resources in the name of building...

7. Capital gain - consideration of the holding period of previous owner - inherited the property - assessee entered into a collaboration agreement with a builder - assessee...

8. Depreciation on lease hold building and plant & machinery - AO has misconstrued whole constitution of the Society. He was not justified to assume that three governments...

9. Deduction u/s 54F - Denial of deduction as building was constructed for commercial purposes - It is clear that even before the building was let out on lease, the...

10. Refund claim - purchase of flats from builder - whether the appellants who are purchasers of an apartment/flat/residence from a builder or a developer is entitled to...

11. CENVAT Credit - Valuation - body builder who build body on the chassis received from the chassis manufacturers - Job work - Since there is no captive consumption , Rule...

12. Taxability of amount received for specific purpose - Revenue Authorities have not disputed the contributions received but denied the exemption only due to the fact that...

13. Depreciation in respect of electrical installations, elevators, DG sets installed in the building, which have been let-out by the assessee, which is receiving rental...

14. Exemption u/s 10 (23C) (iiiad) denied - clubbing the voluntary contributions received by the appellant Society with the receipts of the educational institution -...

15. Sale of four flats constructed by the Society by utilising additional FSI available with it - treatment as business income - flats were allotted to members - receipt not...