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Income Tax - Highlights / Catch Notes

Home Highlights November 2016 Year 2016 This

Capital gains - Revaluation at market value results in notional ...

Income Tax

November 7, 2016

Capital gains - Revaluation at market value results in notional imaginary profit which cannot be taxed. Revaluation of an asset which an assessee continues to hold is not a taxable event and does not give rise to any taxable income - No tax liability - AT

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  1. Capital gains - Firm is succeeded by a company with no change either in the number of members or in the value of assets - Transfer by way of distribution of assets - the...

  2. Capital gain - revaluation of the satellite rights - The revaluation of the assets by the partnership firm would not attract any capital gain - There was no transfer - HC

  3. Revaluation of closing stock routed through profit and loss account - revaluation of Fixed Assets does not lead to any taxable income of an Assessee - HC

  4. Capital gain - even where cost of acquisition of capital asset cannot be ascertained but the asset has market value, capital gain will be attracted by taking the cost of...

  5. Determination of Fair market value of property – report given for the Wealth tax purposes need not be considered for the Income tax purposes, particularly for...

  6. Taxability of capital gain in firm - revaluation of asset being land held by the partnership firm - money equivalent paid to retiring partners to enhanced portion of the...

  7. Short term capital gain on sale of depreciable assets is not profits and gains of any business or profession - HC

  8. Profit on Sale of depreciable assets may be computed as short term capital gain u/s 50, but eligible for exemption u/s 54F if it is a long term asset.

  9. Taxability as a result of amalgamation - A foreign company has a branch in India holding shares in India company - The Revenue has given a strange method of working out...

  10. Revaluation of stock - non moving stock - deterioration in quality of the ink resulting in erosion of its value - HC

 

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