Home Highlights November 2011 Year 2011 This

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1. Capital gain computation - Fair Market Value as on 01.04.1981 u/s 55(2)(b)(i) - the fair market value of the impugned immovable property should be adopted at Rs....

2. Capital gain on tenancy rights - transfer u/s 2(47) - Even if the assessee has not paid any amount for purchase of tenancy rights, the nature of rights would remain...

3. Levy of GST on Transfer Fee - Assignment of leasehold rights on land - The activity of assignment is in the nature of agreeing to transfer one’s leasehold rights. It...

4. Substitution of new section for section 64 of Customs Act, 1962 - Owner’s right to deal with warehoused goods - to make provisions for owner’s right to deal with warehoused goods.

5. Provisional release of detained goods - The department's insistence on a 100% bank guarantee of Rs. 25,00,000/- was deemed arbitrary and onerous, especially considering...

6. Clubbing of income - addition of portion of sales consideration related to wife and mother of assessee u/s 64(1) - Logically the sale consideration is to be distributed...

7. Exemption u/s 54F - Assessee given advance for purchase of land in the year 2005 and accordingly acquired right for specific performance of agreement of sale - The said...

8. 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...

9. Capital gain computation - assignment of lease rights in the shop - As sec. 50C applies only to a capital asset, being land or building or both, it cannot be made...

10. Capital gain in respect of sale of only one property - addition u/s 50C - assessee itself had leasehold rights in the said property and hence in instant facts, the...

11. With amendment to section 55(2) the “tenancy rights“ attained legal cognizance -As such there is need for first deciding if the assessee's rights in the property...

12. Addition u/s 56(2)(vii)(c)(ii) - allotment of shares to assessee shareholder at a value lower - whether Tax to be paid by the shareholders or the company? - The shares...

13. Clubbing of income u/s 64 - Additions of Sale proceeds of the land belonging to the assessee’s wife claimed to be credited to the assessee’s bank account - Wife has no...

14. Income accrued in India - royalty and Fees for Technical Services - literary work - The grant of license to use the software cannot be construed as granting a right to...

15. Addition invoking provisions u/s 56(2)(vii)(b) - assessee only received lease hold right for 99 years - difference of stamp value minus sales consideration - The...