Home Highlights March 2013 Year 2013 This

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1. Correct head of income - transfer of property as stock in trade - Valuation - Application of provisions of section 50C - the AO and CIT(A) erred in applying provisions...

2. Characterization of gain on sale of property - nature of transaction - transfer of capital assets or transfer of stock in trade - ITAT has without examining any of the...

3. Capital gain computation - addition invoking the provisions of the Section 50C - the legislature used the words and expressions in Section 50C of the Act consciously to...

4. Addition in view of the Provisions of section 50C on the Gift of Plots - Transfer of property by a Company as a gift - AO concluded how the gift by one company to other...

5. Applicability of section 50C of the Income tax act on trading transaction of sale and purchase of land - Section 50C is not applicable during the relevant assessment year - HC

6. Application of section 50C of the Act to the transfer of leasehold rights in the industrial plot - Addition made by the AO on the basis of circle rate gathered from...

7. Capital gain - Land (asset) held as stock-in-trade in the partnership firm - Considering the legal position as explained by us in the relevant provisions of subsection...

8. Sale consideration - sale of shops held as stock in trade - Section 50C does not apply to the present case as it applies only to a case of capital gains - HC

9. Addition u/s 56(2)(vii)(b)(i) - difference between the actual purchase consideration of plots of land and market value as per stamp valuation authorities - Assessee has...

10. Fraudulent/wrongful trading - It is clear from the language of section 66(1) that unlike application provided under section 43, section 45, section 50 and section 47 or...

11. Long Term Capital Gains - claim of conversion of agriculture land into stock-in-trade - The assessee was required to disclose such lands as stock in trade in books of...

12. Validity of Revision u/s 263 by CIT - As per PCIT AO omitted to examine the transaction of transfer of land held as “Stock-in-trade” in the light of the provision of...

13. Disallowance of loss on sale of shares being stock in trade - The transaction in question, since was not related to the business activity of the assessee, therefore, the...

14. Shares converted into stock-in-trade - Valuation adopted for conversion of investments to stock-in-trade, opening stock and closing stock - where an assessee converts...

15. Speculative transactions - set off of the loss - transaction in derivatives on recognized stock exchange as defined under Section 43 (5) (d) of the Income Tax Act, 1961...