Home Highlights November 2010 Year 2010 This

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1. Taxability of shares issued by amalgamated comapny - the amalgamation is not an adventure in the nature of trade and that this transaction is clearly a capital account...

2. Gain on sale of shares - Business income or Capital Gains - Adventure in the nature of trade - Just because the assessee has shifted from the IPOs and has made a...

3. Sale and purchase of agriculture land - adventure in trade - Merely because of the fact that the land was sold for profit, it cannot be held that income arising from the...

4. Whether the sale of property was adventure in the nature of trade - Held no - The sale of agricultural plot was not by way of business purpose - HC

5. Disallowance of interest expenditure - diversion of funds for non-business purpose - In order to examine the allowability of interest expenditure on funds borrowed, when...

6. Disallowance u/s 14A r.w.r. 8D - sourcing of investment from borrowed funds or own funds - investment is taken as stock-in-trade - ex-parte order - additions confirmed.

7. 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...

8. Confirmation of allowing deduction of interest paid on borrowed funds which have been found to have direct nexus with the investment made for acquisition of shares - HC

9. The interest on funds borrowed to purchase land which is part of inventory of the assessee company is an allowable deduction u/s 36(1)(iii) - HC

10. Adventure in the nature of trade - Merely because of the fact that the land was sold in a short period of holding, it cannot be held that income arising from the sale of...