Home Highlights August 2014 Year 2014 This

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1. Capital Gain - Transfer u/s 2(47)(v) - assessment year - AO himself has given credit for the amount of capital gains declared for the assessment year 2013-14, while...

2. Income from other source OR Capital gain - Correct head of income - relinquishing the right acquired under the Agreement by the Assessee - income from relinquishing...

3. Capital gain - Joint development agreement - amendment brought in by the Finance Bill 2017 is prospective and not retrospective - For the prior period, capital gain is...

4. Correct head of income - profit on sale of land /immovable property - business income or capital gain income - Correct head of income - profit on sale of land /immovable...

5. Capital gains consequent to the development agreement - year of assessment - A transfer can be said to have taken place in the year when the possession was handed over...

6. Year of taxability of capital gains - taking possession alone in to consideration for levy of capital gains ignoring the date of agreement and terms of agreement is not...

7. Joint development agreement - Assessment of capital gain for Asst. Year 2007-08 - transfer of property - held as transfer - liable to capital gain - AT

8. Set off the business losses against the capital gains u/s 71 - The assessee in the return of income did not set off the business loss against the short term capital gain....

9. Revision u/s 263 by CIT - set off of brought forward business loss from the income assessable under the head 'Capital Gain' - gain of depreciable assets by entering into...

10. Penalty u/s 271(1)(c) - non disclosure of capital gain - whether the income was taxable in the assessment year 2012-13 as the land in dispute was handed over to the...

11. Liability to pay capital gain tax - hypothetical income - accrual of income - activity of development was not completed and assessee received nothing in lieu of...

12. Reopening of assessment u/s 147 - non-disclosure of capital gain - sale of assets which were transferred to the partnership firm as capital contribution - since the...

13. Income tax liability of employees - Remission of income tax liability borne on behalf of the employees - it is also possible that earlier years the assessee has not...

14. Taxable income - Relevant assessment year - if the assessee is paying tax at the maximum marginal rate for the preceeding year as well as for the year under...

15. 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...