Home Highlights July 2014 Year 2014 This

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1. Benefit of exemption u/s 10B - new undertaking - 66.66% assets leased from other company - lease could also be considered as a 'transfer' for the purpose of Section...

2. Export promotion schemes - forge/fake DEPB licences/scrips - There is no provision to transfer the benefit of any exemption either under the policy or any notification...

3. Nature of transaction - slump sale or transfer of shares - slump sale u/s 2(42C) - transfer of shares in a company will not result in a transfer of an undertaking or...

4. Transfer of an industrial undertaking from urban to rural area by a partnership firm qualifies for exemption u/s 54G of the Income Tax Act. The assessee, a partner in...

5. Computation of capital gains - Slump sale u/s 2(42C) - transfer of capital assets u/s 2(47) - we took note of the submissions of the learned Senior Counsel for the...

6. Section 80-I deduction was denied for the unexpired period when a partnership firm was converted into a private limited company carrying on the same activity. However,...

7. Long term capital Gains – benefit of exemption u/s 10(38) - sale of unlisted securities - sale made on 29/30.12.05 by transferring it to escrow a/c - the transaction...

8. Exemption u/s 10B - eligibility criteria - whether deduction can be claimed for a period of 10 consecutive years beginning with the previous year in which the assessee...

9. Nature on sale - Slump Sale - capital gain u/s 50B - Transfer of asset or not? - Section 50B of the Act provides a mechanism for assessment of capital gain on ‘transfer’...

10. Exemption form GST on the business transfer undertaken - transfer of a going concern - transfer of a going concern means transfer of a running business which is capable...

11. Exemption u/s. 54EA - transfer of shares held as stock-in-trade - transfer of unlisted shares of DSPML is to be taxed under the head “capital gains” irrespective...

12. Benefit of exemption u/s 194A(3)(iii)(a) on interest by the CO-OPERATIVE BANK to the Primary Agricultural Credit Societies - in the case of deposits made by the...

13. Restriction of deduction u/s 10B – 100% Export Oriented Unit (EOU) - assessee will not be entitled for exemption u/s 10B in respect of turnover sold to 100% EOU in India - AT

14. Transfer of ongoing business - assessee is entitled for deduction u/s. 80IA(4)(iii) for the unexpired period during which the transferor enterprise would have been...

15. Assessee failed to file return of income and Form No. 10B before due date, resulting in denial of benefit u/ss 11 and 12. However, consistent judicial precedents,...