Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights June 2014 Year 2014 This

Assessee has offered the gross amount on sale of land/ ...

Income Tax

June 27, 2014

Assessee has offered the gross amount on sale of land/ building/IT Park as revenue receipt for taxation purposes and there is no deduction of land cost from it, taxing the cost of the land once again amounts to double taxation - AT

View Source

 


 

You may also like:

  1. Income accrued India - applying the tax rate as per section 115A OR tax rate as per the DTAA between India and Spain - in all cases of concessional taxation on gross...

  2. Addition u/s 68 r.w.s 115BBE - As cash receipts represent the sales which the assessee has rightly offered for taxation. We have gone through the trading account and...

  3. Taxability in India - amount received by the assessee from offshore supplies of plants and equipments - PE in India or not? - The Tribunal questioned the differential...

  4. Nature of expenditure on construction of building on leasehold land - the lessor does not own the building and the assessee cannot own the same as capital asset since...

  5. Refund of the Service Tax - parking charges - The legislature has used the words “land” and “vacant land” in accordance with the context, wherever applicable. When...

  6. 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...

  7. Assessee offered capital gain from Sale of land and not from building - joint property - assessee submitted that he is the owner of the land and not of the building. The...

  8. Revision u/s 263 - There was no enquiries raised by the AO about the mismatch in the amount of gross receipts shown by the assessee viz a viz reported in the form 26AS...

  9. The assessee as per the development agreement got some flats from the developer and rented (let out) them to earn the rental income and the same rental income is being...

  10. Capital gain on sale of land - Nature of land - it is undisputed fact that assessee has sold agricultural land on which he was carrying out agricultural activities prior...

  11. Taxability of interest income in the hands of Partner instead of Partnership firm - Allegation that assessee did not disclosed the receipt of Interest in his return of...

  12. Correct head of income - Profit or loss derived from sale of land - Assessee has computed profit or loss derived from sale of land under the head ‘capital gains’ to...

  13. Determination of capital gain - allocation of sale consideration between the land and building - The historical cost of building or WDV of building cannot be...

  14. Capital gains - nature of land sold - land converted into a barren land to establish an industrial estate - land sold by the assessee through sale deed in favour of...

  15. Classification of supply - supply of goods or supply of services - sale of plots - As per entry 5 of Schedule III of SGST Act, sale of land and, subject to clause(b) of...

 

Quick Updates:Latest Updates