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Income Tax - Highlights / Catch Notes

Home Highlights June 2012 Year 2012 This

Capital assets vs personal effects - antique or decorative items ...

Income Tax

June 3, 2012

Capital assets vs personal effects - antique or decorative items and collectors items, cannot be classified as personal effects - AT

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  1. Personal effects or capital asset - sale of Carpets (silk on silk carpets),Paintings, antique watches, rings and decorative items, Household items which included crystal...

  2. Expenses on purchase on new items - Acquisition of new assets for replacement of existing assets as current repairs - 10% of items listed by the AO are held to be of capital - AT

  3. Revenue expenditure versus capital expenditure - expenditure incurred on ERP Software – allowed as revenue expenditure - AT

  4. Constitutional validity of the Cess Act - “Tax versus Fee“ - Building and Other Construction Workers Welfare Cess - The levy by the impugned Act is in effect a ‘fee’...

  5. Disallowance of depreciation rejecting concept of 'Block of Asset' - use of individual assets - business use of each item of a block of assets is not necessary for...

  6. Deduction u/s 54EC - short capital gain arising on sale of depreciable asset - it cannot be said that section 50 converts long-term capital asset into a short-term...

  7. Capital Receipt vs Revenue Receipt - Excise Duty refund is to be treated as ‘capital receipt’ in the hands of the assessee and not liable to be taxed - AT

  8. Taxability of Cash compensation received – capital receipt vs Revenue receipt - Capital receipt in principle is outside the scope of income chargeable to tax. .... - AT

  9. Rate of tax on sale of depreciable assets - STCG vs LTCG - as per Section 112 of the Act, the tax on long term capital gains on transfer of a long term capital asset is...

  10. C.I.F. value of import of consumer electronic items at any one time by any person through post or otherwise for personal use is enhanced to ₹ 50,000/- from ₹ 2,000/-

 

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