Home Highlights June 2014 Year 2014 This

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1. Taxable event - Completion of contract - profit on sale of the flats - Advance received from VGP which in fact is the sale proceeds of the flats, on completion of the...

2. Levy of VAT / Sales Tax - Since the the sale of goods has taken place outside the State of Gujarat, the question as to whether or not subjecting the Natural Gas to the...

3. Addition u/s 43CA - differential amount of consideration shown in the document and the Stamp Duty Valuation - The transfer under the provisions of section 43CA is...

4. Disallowance u/s 54F - Investment of Sale consideration for claiming exemption on LTCG - Advance was given for purchase of new residential property but the transaction...

5. The court held that action against directors cannot be directly taken u/s 179, and where the company's name is struck off, action can still be taken against the company...

6. The assessee, following the mercantile system of accounting, had treated Annual Maintenance Charges (AMC) collected in advance from customers for lift maintenance as a...

7. Disallowance being amount of State Value Added Tax (VAT) paid for earlier years - Deduction u/s 80IB claimed - Assessee became liable to pay VAT for earlier years - The...

8. The income relatable to earlier year cannot be added to the income of this year - AT

9. Evasion of tax - sales suppression - inter-state sale or not - In the absence of any material evidence with respect to movement of goods, the quotations recovered from...

10. Nature of expenditure - revenue or capital expenditure - One-time lease rental charges paid to Greater Noida Industrial Development Authorities (GNIDA) for a period of...

11. Income recognition - advances received from customers - the customers advances carried over year after year and it is the consolidated list of advances as on balance...

12. Amendment of Act 74 of 1956 - CENTRAL SALES TAX ACT, 1956 - where the gas sold or purchased and transported through a common carrier pipeline or any other common...

13. Assessee followed system of regularly showing mobilization account and advances received, offering income against bills in subsequent years. Revenue did not previously...

14. Capital Gain - Transfer u/s 2(47)(v) - assessment year - AO himself has given credit for the amount of capital gains declared for the assessment year 2013-14, while...

15. Reopening of assessment u/s 147 - non-disclosure of capital gain - sale of assets which were transferred to the partnership firm as capital contribution - since the...