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Income Tax - Highlights / Catch Notes

Home Highlights March 2015 Year 2015 This

Conversion of land - whether the land which was converted by the ...

Income Tax

March 2, 2015

Conversion of land - whether the land which was converted by the assessee into stock in trade (housing plots) is an agricultural land or not? - Held No - taxable in the year of sale - AT

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  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. Whether the sale of property was adventure in the nature of trade - Held no - The sale of agricultural plot was not by way of business purpose - HC

  3. Addition u/s 56(2)(vii)(b)(i) - difference between the actual purchase consideration of plots of land and market value as per stamp valuation authorities - Assessee has...

  4. Gains arising on sale of Agricultural land – Assessee might not have paid agricultural income-tax but is paying land revenue and village records clearly showed the land...

  5. Assessment of Long Term Capital Gain U/sec 45(2) - conversion of land as stock-in-trade - sale of land after plotting - The assessee’s claim to compute long term capital...

  6. Capital gain on sale of land - Nature of land - it is undisputed fact that assessee has sold agricultural land on which he was carrying out agricultural activities prior...

  7. Nature of land sold - sale of agricultural land or not - it is nowhere necessary for an assessee to prove carrying out actual agricultural activity of the land

  8. Sale of agriculture land after converting into plots - once this was an adventure in nature of trade and income is to be taxed as per the provisions of Section 45(2) of...

  9. Characterization of income - profit from sale of land - conversion of agricultural land into non-agricultural land - same land was plotted and entered into agreement...

  10. Characterization of income - profit from sale of land - conversion of agricultural land into non-agricultural land - same land was plotted and entered into agreement...

 

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