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Income Tax - Highlights / Catch Notes

Home Highlights November 2016 Year 2016 This

Capital gains - section 45(3) does not seek to substitute by any ...

Income Tax

November 7, 2016

Capital gains - section 45(3) does not seek to substitute by any other figure the value agreed between the partners at which the asset is transferred by a partner to the firm. The ITO's actions are completely contrary to the scheme of the statute. - AT

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  1. Short term capital gain - capital gain arose from transfer of land to the partnership firm by way of capital contribution as the assets was converted to Fixed Capital...

  2. Reconstitution of partnership firm - one partner retired and two were continue - provisions of Section 45(4) is applicable as it amounts to transfer - capital gain is...

  3. Sale of assets of partnership firm after dissolution – Individual erstwhile partners are liable to compute as Capital Gains under section 45.... - HC

  4. Capital gain on sale of land - transfer of stock in trade as capital contribution by the assessee in the AOP - the transaction of impugned land introduced by the...

  5. Capital gain u/s 45 - compensation received by a partner from another partner for relinquishing rights in the partnership firm - the compensation received by the...

  6. Computation of capital gain – AO’s has the power to substitute the value of consideration in place of sale consideration only in special circumstances which are missing...

  7. Capital gain - transfer - revaluation of assets - partnership firm - retirement of one partner and reconstitution of firm with new partners - applicability of Section...

  8. Addition u/s 50C v/s 45(3) - Capital contribution in the partnership firm by way of transfer of Land (capital assets) by the partner - the consideration in the hand of...

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  10. Sale of hotel development rights - Capital gains - Section 45 read with section 47(v) - transfer of the capital assets from a wholly-owned subsidiary company to its...

 

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