Home Highlights January 2014 Year 2014 This

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1. Taxability of capital gain arising from sale of property - The assessee had acquired a right to get a particular flat from the builder and that right of the assessee...

2. Capital gain from sale of commercial property - intra-head adjustment of loss - Benefit of carry forward of long term capital loss on the sale of shares for the current...

3. Exemption u/s 54F - disallowance being long term capital gain on sale of plot - LTCG - section 54F nowhere envisages that the sale consideration obtained by assessee...

4. Disallowance of set off of brought forward loss from transfer of short-term capital asset against gains arising from transfer of long-term capital asset - provisions of...

5. Addition invoking the provisions of Section 56(2)(ix) - advances received - AO observed that, the assessee had no intention to repay the creditors - The present case,...

6. Capital gain - transfer of a capital asset by assessee to its subsidiary company - There are different shareholders of preference share capital other than the holding...

7. Exemption u/s 54EC - eligibility of capital gain from sale of depreciable assets being taxable as short term capital gain u/s 50 – overriding provision - benefit of...

8. Exemption u/s 11 - assessee has not shown that the amount kept in fixed deposits have been allocated to or earmarked for a charitable purpose - Section 11(1A) is...

9. Capital gain - effective date of Conversion of capital asset into stock in trade - till the time the owner himself either converts the capital asset into stock-in-trade,...

10. Deduction u/s 54EC - LTCT or STCG - Investment of consideration against sale of depreciable assets - Section 50 cannot convert long term capital assets into short term...

11. Rate of tax - 20% or 30% - share of depreciable assets - In the present case, it is not the plea of the Revenue that the property from which the capital gains arose was...

12. Long term capital gain on sale of long term capital assets - there is no conversion of capital assets to stock-in-trade either by the assessee or the joint family. In...

13. Correct head of income - income earned out of sale of property - business income or capital gains - when the asset was converted into stock-in-trade - the assessee has...

14. Deduction u/s 54EC - short capital gain arising on sale of depreciable asset - it cannot be said that section 50 converts long-term capital asset into a short-term...

15. Short term capital gain - capital gain arose from transfer of land to the partnership firm by way of capital contribution as the assets was converted to Fixed Capital...