Home Highlights May 2014 Year 2014 This

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1. Deduction u/s 54 - Proportionate deduction - Denial of deduction as capital gains arising out of sale of original asset was not deposited in the Capital Gain Deposit...

2. Disallowance u/s 54F - Investment of Sale consideration for claiming exemption on LTCG - Advance was given for purchase of new residential property but the transaction...

3. Disallowance of claim u/s 54F - assessee did not purchase new house within the stipulated time of one year prior to the date of transfer of original asset - renovation...

4. Deduction/Exemption u/s 54 - nexus between sale consideration received on sale of old asset and source of investment in new house - amount contributed by the Appellant’s...

5. Capital gain from sale of commercial property - intra-head adjustment of loss - Benefit of carry forward of long term capital loss on the sale of shares for the current...

6. For claiming exemption under S.54 it is not necessary that the investment in new asset should be out of the sale consideration received from transfer of the original...

7. Recovery of tax dues - Attachment of assets - dues of MVAT Authorities’ have charge in priority to the secured creditors or not - This judgment reaffirms the supremacy...

8. Addition to income from capital gains - Nature of land sold - Anyhow, to meet the ends of natural justice, we direct the assessee to file complete sale deeds of the...

9. Allowable deduction in computing the capital gains - Expenditure wholly and exclusively in connection with the transfer of the property - There was no mentioning of any...

10. Deduction u/s 10B denied - alternative claim of deduction u/s 10A was not entertained by the CIT(A) primarily for the reason that the assessee had not claimed the same...

11. Deduction u/s 54EC - short capital gain arising on sale of depreciable asset - it cannot be said that section 50 converts long-term capital asset into a short-term...

12. LTCG - eligibility or claim of exemption of u/s. 54F - As per AO new asset cannot be considered as acquired within 02 years of transfer of original asset - Since the...

13. Value of assets for the purpose of calculation of depreciation - sale of assets - u/s.43(6) of the Act, the WDV of the block of assets is to be reduced by the sale...

14. IBC - Auction sale - The outstanding dues of the property tax relating to period prior to sale confirmation are thus dues that are akin to claim of an unsecured creditor...

15. Claim for deduction u/s 10B - 100% EOU - Deduction was neither claimed in the original ITR or revised ITR but claimed first time during the assessment proceedings -...