Subscription   Feedback   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Articles Highlights TMI Notes SMS News Newsletters Calendar Imp. Links Database Experts Contact us More....
Extracts
Home List
← Previous Next →

Commissioner of Income Tax-19 Versus Mrs Khorshed Noshir Bharucha

Exemption in respect of both the residential unit under section 54F - ITAT allowed the claim relying on the decision of the Special Bench of the ITAT in the case of Ms.Sushila M.Jhaveri (2007 (4) TMI 289 - ITAT BOMBAY-I) - Held that:- The fact that only one kitchen was functional in the house was itself an indication of the fact that both the flats are being used as one residential unit. The Special Bench of the Tribunal in the case of Ms.Sushila M.Jhaveri (supra) has held that where an assessee .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

.KULKARNI, JJ For The Appellant : Mrs.S.V.Bharucha i/b Ms.P.S.Cardozo Advocate For The Respondent : Mr.F.V.Irani with Mr.A.K.Jasani Advocates JUDGMENT : The appellant-revenue has filed this appeal under section 260A of the Income Tax Act, 1961 (the Act) against the order dated 15th February 2013. The Assessment year involved is Assessment Year 2008- 09. 2. The appellant has proposed the following question of law for our consideration : (a) Whether under the facts and circumstances of the case, t .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

₹ 5.49 crores. An amount of ₹ 3.09 crores out of the sale consideration of ₹ 5.49 crores was utilised in purchasing two adjoining residential flats being flat Nos.701 and 702 in Lido Towers, 7th Floor, Santacruz, Mumbai. Thus, claiming benefit of ₹ 3.05 crores under section 54F of the Act and offering only the balance of ₹ 2 crores to tax as long term capital gains. During the assessment proceedings the Assessing Officer called upon the respondents to show cause wh .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

143 (3) of the Act restricted the benefit under section 54F of the Act only to one residential premises. Thus bringing to tax on amount of ₹ 3.35 crores as long term capital gains. 4. In appeal, the Commissioner of Income Tax (Appeals) by order dated 2nd November, 2011 placed reliance on the Ward Inspector's report and dismissed the appeal. It held that the two flats were having separate kitchens as the two flats were originally built as two separate houses. Moreover the two flats had .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

are adjacent to each other and thereafter converted into one house, then it would be a case of investment in one residential house and not two. Therefore, in such a case the assessee would be entitled to exemption on consideration paid for the two flats. The Tribunal on consideration of the Ward Inspector's report dated 16th December, 2010 concluded that as both flats purchased were adjacent and converted into one single residential unit, and exemption under section 54F of the Act would be a .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

o one unit. Thus, the respondentassessee's appeal was allowed. 6. Mrs.Bharucha learned counsel for the revenue submits that the Tribunal by the impugned order is not justified in holding that the respondent-assessee was entitled to exemption under section 54F of the Act in respect of both flats. This is because they have separate kitchens, separate electricity meters and separate maintenance bills. Thus, mere joining of the two flats post their purchase would not convert the two flats into o .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

be useful to reproduce the relevant portion of the Ward Inspector's report dated 16th December, 2010 made after visit to the respondent-assessee's premises: 1. The assessee is having 2 flats no.701 and 702 on the 7th floor of the building. 2. There are only 2 flats on every floor of the building having common passage and both the above flats are registered in the name of the assessee. 3. Both the above flats was having different entry doors however the same are interconnected by breaking .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

what is new what is new
  ↓     Latest Happenings     ↓  

Forum: GST on RCM on rent in a unregistered state

Forum: COMPOSITION SCHEME

Forum: Input Tax Credit - Reg

Forum: GST Invoice

Article: Websites of Government Departments need lot of improvement. We are noticing detoriations in them for example, case of website of ITAT.

Highlight: Levy of additions tax u/s 115O on distribution of dividend - shares of its profits declared as distributable among the shareholders is not impressed with the character of the profit from which it reaches the hands of the shareholder - not to be bifurcated as agriculture and non-agriculture dividend - SC

Highlight: Rate of GST on old and scrap buses - 28% or 18% - at such initial tender process initiated by the Respondents-KSRTC, the present petitions filed by the petitioners are premature and misconceived and do not require any interference by this Court at this stage. - HC

Forum: Rent a cab operator

Highlight: In view of amendment made u/s 132A of the Income Tax Act, 1961 by Finance Act of 2017, the 'reason to believe' or 'reason to suspect', as the case may be, shall not be disclosed to any person or any authority or the Appellate Tribunal, SC dismissed the appeal of the assessee

Highlight: Validity of Assessment Order - period of limitation u/s 153 (2A) is applicable even if the entire order was not set aside but matter was remanded back for for limited aspects with directions - HC

News: Note ban was a shake-up, achieved its main objectives

Notification: Amendments in the notification No.5/2017- Integrated Tax (Rate) dated the 28th June, 2017.

Highlight: Levying interest u/s 234C - interest is to be charged on the returned income and not on assessed income.

Highlight: Accrual of income - sale of right to develop and sell incentive FSI under LOI - till the conditions of LOI are fulfilled transfer is not complete and income does not accrue to the assessee

Highlight: TPA - determination of ALP - TP adjustment by applying Bright Line Test (BLT) is not sustainable on protective basis having no statutory mandate.

Highlight: Safeguard Duty - Advance License Scheme - as there is no exemption from safeguard duty leviable under Section 8C, which is imposed on the goods imported from China, the importer has to pay safeguard duty

Highlight: Manufacture - process of cutting of waste plastic container - Such plastic containers before and after cutting are nothing but waste / scrap - Not a manufacturing activity as no new product emerges.

News: NITI Aayog and Govt. of Assam organizes workshop on health sector reforms in Guwahati; launches SATH- Sustainable Action for Transforming Human Capital

Notification: Seeks to amend notification no. 5/2017- central tax(rate) dated 28.06.2017 to give effect to gst council decisions regarding restriction of refund on corduroy fabrics

Notification: Seeks to amend notification no. 2/2017- central tax(rate) dated 28.06.2017 to give effect to gst council decisions regarding gst exemptions

Forum: GSTR 3B Rectification

Notification: seeks to exempt Skimmed milk powder, or concentrated milk

Notification: Seeks to amend notification no. 2/2017- integrated tax(rate) dated 28.06.2017 to give effect to GST council decisions regarding GST exemptions.

Notification: Seeks to amend notification no. 1/2017- central tax(rate) dated 28.06.2017 to give effect to gst council decisions regarding gst rates

Notification: Seeks to amend notification no. 1/2017- integrated tax(rate) dated 28.06.2017 to give effect to gst council decisions regarding gst rates.

News: Notification Issued For GST Actionable Claim On Branded Food Products

Highlight: Classification printed computer stationary/manifold Business Forms - to be classified under Chapter Heading 4820.00 or under Chapter Heading 4901.90 - items like A4 sheets, advertisement and job card to be classified under Chapter 49

Article: RCM Applicability to persons not liable to get registered us 23(1)

Article: Credit of unsold stock [Section 140(3)] - Actual Credit as well as Notional Credit - Part-I - GST Transitional provisions

News: GST Refund - Blockage of Working Capital of Exporters - earlier also there was a normal blockage of funds for a period of 5-6 months at least

News: Clarification about Transition Credit - ₹ 1.27 lakh crore of credit of Central Excise and Service Tax was lying as closing balance as on 30th June, 2017 - claim of credit of ₹ 65,000 crore is not unexpected

Article: 20 Things You must know about E Way Bills in GST Law

Article: MISTAKES IN DRAFTING

Highlight: The Customs and Central Excise Duties Drawback Rules, 2017 and All Industry Rates (AIRs) of Drawback related changes -reg. - Circular

Highlight: The definition of "subsidiary company" or "subsidiary" u/s 2(87) of the Companies Act, 2013 shall come into force w.e.f. 20-9-2017

Highlight: Central Government notified the All Industry Rates of Duty Drawback Schedule w.e.f. 1.10.2017 - Notification

Notification: All Industry Rates of Duty Drawback Schedule w.e.f. 1.10.2017

Circular: Investment by Foreign Portfolio Investors in Corporate Debt Securities Review

Notification: Exemptions on supply of services under UTGST Act

Notification: Rates for supply of services under UTGST Act

Notification: Exemptions on supply of services under IGST Act

Notification: Rates for supply of services under IGST Act

Notification: List of Exempted supply of services under the CGST Act

Notification: Rates for supply of services under CGST Act

Highlight: Acceptance of deposits by companies from its members - conditions relaxed in case of Specified IFSC Public company and a private company - Rule 3 amended

Notification: Rate of exchange of conversion of the foreign currency with effect from 8th September, 2017

News: Tax Payers Advised To Confirm Identities Of Income Tax Search Authorities

Notification: Amendment in Appendix 3 (SCOMET items) to Schedule- 2 of ITC (HS) Classification of Export and Import Items 2012

Notification: The Customs and Central Excise Duties Drawback Rules, 2017

Circular: The Customs and Central Excise Duties Drawback Rules, 2017 and All Industry Rates (AIRs) of Drawback related changes -reg.



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version