Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights September 2014 Year 2014 This

Treatment of income – land sold by the assesses was ...

Income Tax

September 17, 2014

Treatment of income – land sold by the assesses was stock-in-trade of the dissolved firm - Tribunal had no material to come to the conclusion that the land sold by the applicant/ assessee was stock-in-trade and the Tribunal was not justified to treat it as business income - HC

View Source

 


 

You may also like:

  1. Long Term Capital Gains - claim of conversion of agriculture land into stock-in-trade - The assessee was required to disclose such lands as stock in trade in books of...

  2. Capital gain on conversion of capital asset into stock in trade is payable only in the year in which the assessee ultimately sells such stock in trade.

  3. Capital gain - Land (asset) held as stock-in-trade in the partnership firm - Considering the legal position as explained by us in the relevant provisions of subsection...

  4. Accrual of interest income in the hands of dissolved partnership firm - section 189 keeps the firm alive for the purposes of assessment despite its dissolution. It...

  5. Correct head of income - Profit or loss derived from sale of land - Assessee has computed profit or loss derived from sale of land under the head ‘capital gains’ to...

  6. Transfer of property u/s 2(47) or not - capital gain u/s 45 - The land was transferred by the partners to the firm as capital contribution which was recorded as...

  7. JDA - Proof of conversion of land into stock-in-trade - though the sale is more than One Crore, no Audit Report is filed by the assessee. No Balance Sheet has been filed...

  8. Capital gain - Land transfered by assessee into partnership firm - stock-in-trade is introduced into a firm - valuation of land was done by the assessee himself more as...

  9. Treatment of income – STCG or Business income – Trading in shares and securities - It is only the net income so arrived at that would stand to be assessed as 'business income' - AT

  10. Land which was converted to stock in trade the same was not eligible for imposition of wealth tax - AT

 

Quick Updates:Latest Updates