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Income Tax - Highlights / Catch Notes

Home Highlights June 2016 Year 2016 This

Sale of four flats constructed by the Society by utilising ...

Income Tax

June 23, 2016

Sale of four flats constructed by the Society by utilising additional FSI available with it - treatment as business income - flats were allotted to members - receipt not taxable - HC

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  1. Capital gains - sale of flat allotted by cooperative housing society - cost of acquisition, non-allowance of registration expenses and cost of improvement - cost as...

  2. Long Term Capital Gains - Sale of society flat - proportionate portion of land in the society - As per the sale deed, it is clear that assessee gets a membership on the...

  3. Capital gain - Cost of acquisition - The additional FSI became available to the assessee due to operation of development control regulation which did not involve any...

  4. Depreciation on additional construction - proof - assessee contended that, unaccounted sales proceeds of scrap were utilized for the construction of factory building -...

  5. Treatment of sale of equity shares under Portfolio management scheme – Business income OR capital gains – Tribunal had erred in holding the transactions to be income...

  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. Effect of negative regime on Construction of Complex Services - tri-partite agreement - providing free of cost flats to all the existing members of the Society in lieu...

  8. Profiteering - supply of purchase of Flat - it is established that there had been no additional benefit of ITC to the Respondent and hence he was not required to pass on...

  9. Nature of income on sale of flat – Exemption u/s 54 claimed - income is in the nature of business, therefore, the deduction u/s 54 not applicable - AT

  10. Exemption u/s 54 is available on purchase of car parking space along with flat - AT

 

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