Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights March 2016 Year 2016 This

Sale of factory land at Guindy, Chennai - Capital Gain OR ...


Chennai Factory Land Sale: Classification as Capital Gain or Business Profit Hinges on Concrete Evidence, Not Distant Circumstances.

March 15, 2016

Case Laws     Income Tax     AT

Sale of factory land at Guindy, Chennai - Capital Gain OR business profit - without bringing any material on record merely based on some remote circumstances, an inference cannot be drawn that the Assessees indulged in an adventure in the nature of business or trade. - AT

View Source

 


 

You may also like:

  1. Correct head of income - Profit or loss derived from sale of land - Assessee has computed profit or loss derived from sale of land under the head ‘capital gains’ to...

  2. Correct head of income - profit on sale of land /immovable property - business income or capital gain income - Correct head of income - profit on sale of land /immovable...

  3. Sale of land - Assessing Officer in bringing to tax the short term capital gains arising from the sale of agricultural land under the head ‘business income’ - land in...

  4. Penalty u/s 271(1)(c) - profits from sale and purchase of agricultural land shown as capital gain instead of profits and gains from business - No penalty - AT

  5. Correct head of income - sale of land - “capital gains” or “business income” - In the present case, undisputedly the appellant had made a distinction between those lands...

  6. Classification of head of Income – adventure in the nature of trade or sale of capital asset - sale of property after getting the flats constructed - taxable as capital...

  7. 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...

  8. LTCG - capital assets OR agricultural land - at the time of sale the assessee’s land was more than 8 KMs away from the local limits of Municipal Council - assessee’s...

  9. Capital Gains - sale of agricultural land - scope of capital asset u/s 2(14) - the land was sold as an agricultural land and in fact, what was sold was agriculture land....

  10. The Appellate Tribunal considered whether the sale proceeds of residential units should be treated as capital gains or business receipts. It was found that the...

  11. 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...

  12. Capital gain on sale of land - Nature of land sold - agricultural land - calculation of shortest route - , although there is no doubt that conflicting reports were...

  13. 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...

  14. The case deals with the characterization of profit/receipts from the sale of land, whether it should be treated as business income or long-term capital gain. The Supreme...

  15. Realignment of profits arising on sale of land parcels - surplus arising on sale of asset - ‘capital gains’ OR ‘business income’ - The CIT(A), in our view, has come to a...

 

Quick Updates:Latest Updates