Home Highlights September 2012 Year 2012 This

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1. Deduction u/s 54/54F - assessee has not acquired the ownership rights in the new property but merely acquired tenancy right which could not be equated with ownership...

2. Capital gain - tenancy right available with the assessee or not? - the amount received for not interfering possessions - the parties of the family settlement that the...

3. Interpretation of Statute - Prohibition during the moratorium period - the recovery of any property by an owner or less or where such property is occupied by or in the...

4. Deduction claimed u/s 54 - oint owners of the house property having 50% right, title and interest over the property - Since the assessee and her son have jointly...

5. Capital gain on tenancy rights - transfer u/s 2(47) - Even if the assessee has not paid any amount for purchase of tenancy rights, the nature of rights would remain...

6. Addition of LTCG – Surrender of tenancy rights – the working by the AO as to the long term capital gain earned by the assessee on relinquishment of tenancy right is...

7. Income from house property - consider the Ambey Valley property as self-occupied property - determination of annual value - CIT(A) has upheld that the 7% of cost of...

8. With amendment to section 55(2) the “tenancy rights“ attained legal cognizance -As such there is need for first deciding if the assessee's rights in the property...

9. Disallowance of depreciation of tenancy rights - the tenancy right is not an intangible asset eligible for deprecation u/s 32.

10. The firm was not a tenant/had not paid for acquisition of tenancy right but has made payments to the legal heirs of the deceased partners and has reflected the same as...

11. Compensation for surrender the tenancy right - tenancy right was a capital asset and surrender of the same was a transfer of a capital asset - HC

12. Depreciation on tenancy rights - The tenancy right cannot be treated as an intangible asset, there is no question of allowing depreciation on it - AT

13. Transaction of transfer of tenancy rights - whether the impugned transfer of tenancy rights attracts the provisions of section 50C - held No. - AT

14. Receipt on account of surrender of tenancy rights - till the amendment in 1995, the compensation received on surrendering the tenancy rights could not be assessed to...

15. Payment made for surrender of tenancy rights - deduction allowed u/s 37(1) - AT