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Income Tax - Highlights / Catch Notes

Home Highlights September 2016 Year 2016 This

Repossession of assets given on hire purchase - loss incurred by ...

Income Tax

September 1, 2016

Repossession of assets given on hire purchase - loss incurred by the assessee due to sale of repossessed assets are allowable as business loss - AT

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  1. Sale of hypothecated vehicles - disposal of repossessed cars by the bank - sale of the repossessed cars by the Appellant Bank is incidental or ancillary or in...

  2. Hire purchase agreement - applicant argued that hire purchase transactions are essentially financial services and are not subject to sales tax - argument rejected - HC

  3. Depreciation on assets of hire purchase and leasing business – setting up of new business i.e. new source of income - There is no interconnection between the businesses...

  4. Loss on pictures - bad debts - the assessee has claimed to incurred Loss due to non-recovery of advances and therefore, claimed it as loss which is not impermissible under the law.

  5. Claim of bad debts – advance given for purchase of capital assets are not allowable as bad debts/business loss - AT

  6. 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...

  7. Disallowance on Short term capital loss – assessee cannot incur short term capital loss by purchasing fresh shares at an inflated rate and to sell it out at a nominal rate - AT

  8. Correct head of income - treatment of profit on transfer of immovable properties - The assignment of debt in favour of another entity partly in exchange of land was...

  9. 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...

  10. The hire charges received by the assessee under the hire purchase agreement is an interest on loan and liable to tax under Interest Tax Act, 1974 - HC

 

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