Home Highlights November 2011 Year 2011 This

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1. Capital gain on property gifted - Execution of sale deed instead of gift deed wrongly in favor of Daughter in law (DIL) - DIL has not paid the amount as mentioned in the...

2. Deduction/Exemption u/s 54 - nexus between sale consideration received on sale of old asset and source of investment in new house - amount contributed by the Appellant’s...

3. Deduction u/s 54/54F - assessee has not acquired the ownership rights in the new property but merely acquired tenancy right which could not be equated with ownership...

4. Levy of tax and interest on sales made by the petitioner - sale in the course of import - resale of goods in Daman - first point of sale - Since the goods in question...

5. Undisclosed incomes - investment in Purchase/sale of immovable property - The onus on the department to prove that investment was made by Assessees or sale consideration...

6. LTCG - Exemption u/s 54 - assessee and her husband purchased the new property in their son’s name - the new residential house need not be purchased by the assessee in...

7. LTCG - Denial of exemption u/s 54 - the ITAT observed that, for the purpose of claiming the benefit u/s 54 of the Act, within a period of one year before or two year...

8. Exemption u/s. 54 - denial of claim on the ground that the assessee has commenced the construction of the residential house property before the sale of long term capital...

9. Deduction u/s 54 - The agreement to purchase new house property never fructified into registered Sale Deed till date - till actual conveyance happens, it could not be...

10. Recovery proceedings - Attachment orders - rights over the property - seeking transfer of property in favor of purchaser - In this case admittedly the transfer was on...

11. Computation of LTCG - extinguishment of the owner’s rights in the property - Transfer u/s 2(47) - year of assessment - claim of exemption u/s. 54 - the owner’s right to...

12. SSI exemption - use of brand name of others - it is obvious that the appellants are not the owners of the brand name, but they have merely acquired the right to produce...

13. Deduction u/s 54, 54F & 54EC - capital gains arising out of a single transaction of sale of immovable property - there is no such bar that both the deductions, u/s 54...

14. Nature of income on sale of flat – Exemption u/s 54 claimed - income is in the nature of business, therefore, the deduction u/s 54 not applicable - AT

15. Unexplained investment u/s 69 - family transaction - assessee has submitted that the assessee’s husband was a power of attorney holder of the property and could not...