Home Highlights October 2012 Year 2012 This

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1. Eligibility for CENVAT credit – Renting of Car Parking Space - credit allowed - AT

2. Classification of supply - bundled service or not - right to use of car/two wheeler vehicle parking space along with the sale of under constructed apartments - it is...

3. Exemption against the sale of property u/s 54 – Whether purchasing of share of the son who is co-sharer in the flat amounts to purchase or not - exemption allowed - AT

4. Supply of services for right to use of car parking space is a separate supply and not to be construed as a composite supply of construction of residential apartment...

5. CENVAT credit - eligible input service - office rental and the rental charges paid for car parking space - in or in relation to manufacture of goods - credit allowed - AT

6. Lease rent from letting out buildings/developed space along with other amenities in an Industrial Park/SEZ— to be treated as business income - Circular

7. Deduction u/s 80lB(10) - Profit attributable to Car parking space and preferential location charges - Since these are integral part of the housing project, the profit...

8. Nature of income on sale of flat – Exemption u/s 54 claimed - income is in the nature of business, therefore, the deduction u/s 54 not applicable - AT

9. Addition made on account of unaccounted cash receipts – Cash receipts of brokerage – Sale of car parking charges - the assessee’s purchases cannot be doubted on ad-hoc basis - AT

10. IT Capital Gains Exemption u/s 54, residential house, Construction of four flats, It has to be construed only as ‘a residential house’, exemption allowed