Home Highlights August 2012 Year 2012 This

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1. 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...

2. Disallowance of depreciation on composite land and building - depreciation claimed by the assessee on account of office premises at India Habitat Centre - when it is...

3. Deduction u/s 54B - Benefit of exemption denined on the ground that, the land was sold by the assessee to a developer and ultimately the land would be used for...

4. Disallowance of depreciation on vehicle on the ground of personal use - Once the claim of depreciation on passenger vehicle is accepted by the AO then the depreciation...

5. Disallowance of depreciation - no business activity was carried out by the assessee company - The use of individual asset for the purpose of business may be examined...

6. Renting services - Residential unit on Industrial plot - Exemption from GST - it can be justifiably inferred that the land was allotted to the owner for industrial...

7. CENVAT Credit - input services - air travel agency - There is no denial to the fact that the air-travel agency service, in the present case has been used for business...

8. When there is a transfer of capital asset being land together with building and where the land is held for a period of more than 36 months and the building held for less...

9. Correct head of income - The same land when assessee in case, decided to continue with the film production, will be used for the assessee’s business as business asset....

10. MAT computation - exclusion of profit on sale of agricultural land while computing book profit u/s 115JB - This land was used for agricultural purpose and considering...

11. 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...

12. Deduction claimed u/s 54G - LTCG - shifting of industrial undertaking - the transfer of capital asset used for purpose of business undertaking is from a non-urban area...

13. 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...

14. Claim of deduction u/s. 35AD by stating that the appellant did not build the hotel building - Once deduction u/s.35AD of the Act is claimed then by virtue of section...

15. Profits arising on sale of land - ‘business income’ OR 'capital gains' - after purchase of land assessee got if converted to NA land - the assessee also got a lay out...