Home Highlights February 2015 Year 2015 This

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1. Correct head of income - The same land when assessee in case, decided to continue with the film production, will be used for the assessee’s business as business asset....

2. Disallowance of depreciation - no business activity was carried out by the assessee company - The use of individual asset for the purpose of business may be examined...

3. Capital asset or Business asset - assessee had purchased the land for the purpose of constructing flats on it - Various reasons given by CIT(A) to treat the land as...

4. Valuation of property - Enhancement in valuation - Land converted from small scale industrial use to 20% residential use - still being used for business - not taxable...

5. 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...

6. Disallowance of depreciation rejecting concept of 'Block of Asset' - use of individual assets - business use of each item of a block of assets is not necessary for...

7. Valuation of closing stock of land - change in method of valuation - land under litigation/encroachment - cannot be valued at the cost or prevailing market price, rather...

8. Nature of land sold - Capital asset u/s 2(14) or agricultural land - If both the conditions are present then it would not be agricultural land and would be treated as...

9. MAT computation - exclusion of profit on sale of agricultural land while computing book profit u/s 115JB - This land was used for agricultural purpose and considering...

10. Disallowance of depreciation allowance - WDV - plant and machinery were not used during the year due to change in business model - nce an asset is part of the block of...

11. Taxability of subsidy received under TUF scheme - revenue or capital receipts or reduction in value of fixed assets - to reduce from the cost of asset, the subsidy...

12. If the object of the legislature is to tax the gains arising on transfer of a capital asset acquired under a gift or will or inheritance by including the period for...

13. Claim of interest expenditure on loan - put to use - Tribunal was right in allowing the appeal filed by the assessee and holding that the term “put to use” applies to...

14. Valuation of imported goods - enhancement of value - the price list of any product cannot be taken as the basis for determining the transaction value - Provisional...

15. Gain on sale of land - Nature of land - agricultural land or capital asset or business receipts - Simply showing the land in the balance sheet as an investment is not...