Home Highlights May 2015 Year 2015 This

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1. Disallowance u/s 54F - Investment of Sale consideration for claiming exemption on LTCG - Advance was given for purchase of new residential property but the transaction...

2. Discontinued Business - Disallowance out of depreciation and disallowance out of travelling, repairs, insurance expenses – expenses incurred to protect the business...

3. Surplus earned on the sale of plot - ‘capital gain‘ OR ‘business income’ - There is no clause in the partnership deed about making investment in the land and to earn...

4. Capital gain from sale of commercial property - intra-head adjustment of loss - Benefit of carry forward of long term capital loss on the sale of shares for the current...

5. Deduction u/s 80IA on the enhanced expenditures made to sub-contractors - The issue of the claim of higher deduction on the enhanced profits has been a contentious one....

6. Allowable deduction in computing the capital gains - Expenditure wholly and exclusively in connection with the transfer of the property - There was no mentioning of any...

7. 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...

8. Slump sale - if the sale consideration of the undertaking as a whole has been fixed without specifying any specific value to any asset and its includes tangible as well...

9. Disallowance of deduction claimed u/s 10AA after claiming deduction / exemption u/s 10A - SEZ unit - As on the commencement of assessment year 2006-07, which is the...

10. Disallowance of deduction u/s 80P - Addition in respect of rental income earned and Income from sale of crackers - The Tribunal held that the deduction u/s 80P is...

11. Deduction u/s 54EC - short capital gain arising on sale of depreciable asset - it cannot be said that section 50 converts long-term capital asset into a short-term...

12. Value of assets for the purpose of calculation of depreciation - sale of assets - u/s.43(6) of the Act, the WDV of the block of assets is to be reduced by the sale...

13. Disallowance u/s 80P - claim disallowed u/sec. 143(1)(a)(ii) by way of “processing” as an instance of “incorrect claim if such incorrect claim is there from any...

14. 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...

15. Disallowance of deduction u/s 10B - The tribunal examined the appellant's claim regarding deductions under Section 10B for miscellaneous incomes like scrap sales and...