Home Highlights December 2010 Year 2010 This

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1. 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

2. Recovery of tax - attachment of immovable property - validity of sale of immovable property - adequate consideration - As the 3rd respondent is treated as an assessee in...

3. Hire purchase agreement - applicant argued that hire purchase transactions are essentially financial services and are not subject to sales tax - argument rejected - HC

4. Sale of four flats constructed by the Society by utilising additional FSI available with it - treatment as business income - flats were allotted to members - receipt not...

5. Constitutional validity of restriction on input tax credit (ITC) when goods are sold below the purchase price - RVAT - validity upheld - HC

6. Deduction u/s 80IB - Private terrace area should be included in the built-up area of the flats for the purpose of working out statutory extent of the built-up area - AT

7. Purchase tax paid in the State of U.P. Reassessment - Adjustment of tax paid on purchase of paddy - the purchase tax paid in the State of U.P. cannot be adjusted against...

8. development and construction of residential flats - joint development agreement - benefit of Section 80IB(10) in proportion to the share to which they are entitled to...

9. Refund of service tax paid - relevant date for cancellation of sale of flat - In the present case the fund has arisen from cancellation of the sale of flats and refund...

10. Constitutional validity of section 66E(i) - Service tax on sale value of the food and drinks - facilities provided in a hotel - Decided against the assessee subject to...