Home Highlights July 2011 Year 2011 This

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1. Sale and a lease back transaction - the lease transactions were genuine and that the Department failed to adduce any evidence to prove that the transaction was not...

2. Sale and lease back transactions, no deduction of lease rental be allowed as sale of asset is paper transaction only – ITAT order reversed

3. Addition u/s 68 as accommodation entries - long term capital gain on sale of shares as sham/bogus transaction - Mere suspicion cannot be a ground for treating the...

4. Tax Planning versus Tax Avoidance - Finance Lease / Operating lease - No straight jacket formula can be adopted to say that every case of sale and lease back...

5. Depreciation on sale and lease back transaction – Not for sale sign affixed on assets - no material produced by the Revenue to show that the transaction of sale and...

6. Classification of transaction - sale or Lease Transaction - tripartite agreement - aforesaid transaction is sale of Empty Gas Cylinders (EGC) is inter State Sale...

7. Transaction of sale taking place or not - sale of Furnace - machinery or not - The contract involving receipt of lease rent for leasing of the flameless furnace does not...

8. Depreciation on sale and lease back contracts and lease contracts - number of transactions with different parties analyzed. - HC

9. Understatement of income - treatment of lease transactions as sales transaction - The Income Tax Authorities has not doubted the legal effect of the lease deed (being...

10. Levy of GST - leasing of tank containers taken form a supplier - lessor located outside India and the tank containers do not reach India - Finance lease - The terms of...

11. Valuation - Once the Sales Tax department has assessed the Sales Tax as paid, the Central Excise department cannot contend that since the State Government has remitted...

12. Claim of depreciation in respect of assets allegedly leased - financing transactions - assessee purchased assets and leased back to the same company claiming 100% depreciation - HC

13. CIRP proceedings - Validity of Sub-lease - Admittedly, the transfer of portion of plot by sub-lease was effected on 27.09.2016 whereas CIRP initiated after more than two...

14. Long term capital loss on sale of shares - Just because of assessee sold shares to daughter and sister concern, it cannot be considered that the transactions are sham...

15. Recovery of sales tax dues - encumbered property or not - liability of auction purchasers - this is a clear case in which the Sales Tax Department had a charge on the...