Home Highlights June 2014 Year 2014 This

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1. Taxable event - Completion of contract - profit on sale of the flats - Advance received from VGP which in fact is the sale proceeds of the flats, on completion of the...

2. Levy of VAT / Sales Tax - Since the the sale of goods has taken place outside the State of Gujarat, the question as to whether or not subjecting the Natural Gas to the...

3. Addition u/s 43CA - differential amount of consideration shown in the document and the Stamp Duty Valuation - The transfer under the provisions of section 43CA is...

4. 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...

5. Disallowance being amount of State Value Added Tax (VAT) paid for earlier years - Deduction u/s 80IB claimed - Assessee became liable to pay VAT for earlier years - The...

6. The income relatable to earlier year cannot be added to the income of this year - AT

7. Evasion of tax - sales suppression - inter-state sale or not - In the absence of any material evidence with respect to movement of goods, the quotations recovered from...

8. Nature of expenditure - revenue or capital expenditure - One-time lease rental charges paid to Greater Noida Industrial Development Authorities (GNIDA) for a period of...

9. Amendment of Act 74 of 1956 - CENTRAL SALES TAX ACT, 1956 - where the gas sold or purchased and transported through a common carrier pipeline or any other common...

10. Income recognition - advances received from customers - the customers advances carried over year after year and it is the consolidated list of advances as on balance...

11. Capital Gain - Transfer u/s 2(47)(v) - assessment year - AO himself has given credit for the amount of capital gains declared for the assessment year 2013-14, while...

12. Reopening of assessment u/s 147 - non-disclosure of capital gain - sale of assets which were transferred to the partnership firm as capital contribution - since the...

13. Slump sale - valuation of property - assessee wants to rectify the total consideration paid and received by other parties which is clearly mentioned in the sale deed by...

14. Reopening of assessment u/s 147 - If it is found by the Assessing Officer on such verification that the amount in question represents the sale proceeds of investments...

15. Disallowance under section 36(1)(iii) - There is no justification either for the assessee or for the department to take into consideration the rate of interest in...