Home Highlights October 2012 Year 2012 This

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1. Revision u/s 263 - claim of exemption u/s 54 - the purchases of land do not entitle the assessee for the exemption u/s 54 - Therefore, we fail to understand when the...

2. Denial of the exemption u/s 54 - Nature of property sold - as far as shops are concerned, even where they are built on a residential plot of land (land use not being...

3. Claim of Exemption u/s 54 - there is no prohibition under the Act in claiming exemption u/s 54 in case assessee has not filed a return of income - Such legal claim can...

4. Wealth tax assessment - the assessee cannot avail exemption for a plot of land, even if it is having an area of less than 500 sq. mts or less, if he had already claimed...

5. Exemption u/s 54 - sale of house constructed on leased land - as per revenue in order to claim benefit of u/s 54, must also transfer the land appurtenant thereto - what...

6. Construction of residential complexes - joint land development agreement - agreement prior to 19-4-2006 - value of flats given to land owners - inclusion of Registration...

7. Nature of land sold - agricultural land or capital asset - the land is not subjected to any conversion as non-agricultural land by the assessee or any other concerned...

8. Claim of deduction u/s 54 of the Act - Two flats acquired under different agreements though single kitchen and used as one single unit - exemption allowed - HC

9. Capital gain - Joint Development agreement (JDA) - Transfer / sale of land u/s 2(47)(v) or not? - - the said execution of land development agreement cannot be a sale of...

10. Exemption u/s 54 - assessee purchased the new residential house within the time period stipulated in Sec.54 but possession was not taken - Asssessee was duly entitled...

11. CIRP - The Kolkata Municipal Corporation who is owner of the premises by Development Agreement gave right of development of the premises to the Respondent No.1 and...

12. Disallowing the exemption claimed u/s 54/54F - sale of the bungalow as well as the land - assuming the assessee has claimed deduction under section 54F of the Act, then...

13. Levy of GST - activity of development and sale of land - While the Joint Development agreement is entered into for the two parties to jointly reap the benefits of the...

14. Levy of GST - transfer of development rights of land by the land owners to the petitioner by way of a Joint Development Agreement - sale of land by the land owners or...

15. Disallowing the claim of exemption u/s 54-F - Belated filing of ITR - capital gain was not deposited by assessee before due date of filing return of income under section...