Home Highlights June 2013 Year 2013 This

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1. The assessee sold agricultural land during the year which the Assessing Officer (AO) treated as a capital asset, leading to levy of long-term capital gains tax. The...

2. The ITAT Hyderabad held that the capital asset, as defined in section 2(14) of the Act, must be held by the assessee and not connected with their business or profession....

3. Exemption claimed u/s 54B - Capital Gain on sale of agriculture land - AO has not made any investigation on the assertion of assessee. AO presumed that growing of grass...

4. Agriculture land sold by assessee not a capital asset u/s 2(14)(iii) as it was situated outside municipal limits of Mohali as per notification and population of village...

5. Rectification u/s 254 - Sale of land - land in question were sold by the assessee in the capacity of power of attorney holder and AO has assessed the income in the hand...

6. Capital asset or Business asset - assessee had purchased the land for the purpose of constructing flats on it - Various reasons given by CIT(A) to treat the land as...

7. Long term capital gain - nature of land sold - The income returned in her Return of Income was an agriculture income was just for name sake and does not have any...

8. Correct head of income - Business Income or capital gain - assessee decided to sale the agriculture land, due to compulsion, hence assessee cannot be treated as a trader...

9. Nature of land sold - Capital asset u/s 2(14) or agricultural land - If both the conditions are present then it would not be agricultural land and would be treated as...

10. Capital Gains - sale of agricultural land - scope of capital asset u/s 2(14) - the land was sold as an agricultural land and in fact, what was sold was agriculture land....

11. Agriculture Income - genuineness and proof of agricultural activities - During hearing of appeal as raised very specific question that how, much agriculture land is...

12. Reopening of assessment u/s 147 - LTCG - Whether agricultural land not a ‘capital asset’? - the report itself contents vague observation and cannot be used as evidence...

13. Capital gains - nature of land sold - land converted into a barren land to establish an industrial estate - land sold by the assessee through sale deed in favour of...

14. Nature of land - merely because the peculiar situation of the land near the sea side or stony side of the sea and that they never shown agriculture income out of it, it...

15. 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...