Home Highlights June 2015 Year 2015 This

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1. Depreciation @ 10% on landscaping & development charges which is capitalized in nature of land allowed - AT

2. TDS u/s 194-I - development charges paid by the assessee to RIICO towards allotment of land on lease of 99 years - whether payment of development charges paid was for...

3. Key legal principles and decisions related to various disallowances and additions made by the Assessing Officer (AO) under different sections of the Income Tax Act. The...

4. 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...

5. Levy of GST - Reverse Charge Mechanism (RCM) - transfer of development rights by the land owner in consideration of land development services - The Promoter is liable to...

6. Addition being legal and professional charges - The onus was on the assessee to establish that a Person, rendered legal and professional services in addition to...

7. TDS u/s 194I - TDS liability on payment development charges, lease charges and other charges paid to RIICO - the development charges can not be considered as rent - AT

8. Disallowance u/s 40A(3) - cash payment made by the assessee for purchase of land - issue of disallowance of expenses does not arise as the amount paid for purchase of...

9. Disallowance u/s 40(a)(ia) of Wharfage charges - Wharfage charges paid by assessee are charges which facilitate the loading / unloading of goods at waterfront - no use...

10. Nature of land sold - agricultural land or capital asset - the land is not subjected to any conversion as non-agricultural land by the assessee or any other concerned...

11. The onus is upon the assessee to establish that the money was borrowed for the purpose of business - assessee failed to prove the onus - Claim of Interest disallowed - AT

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. Addition to income from capital gains - Nature of land sold - Anyhow, to meet the ends of natural justice, we direct the assessee to file complete sale deeds of the...

14. Disallowance of labour charges etc. paid in cash - non-availability of documentary evidences on the part of the assessee - the primary onus to establish the bonafides of...

15. TP adjustment - notional interest - short term advances made by the assessee to its associated enterprises - The assessee being unable to establish with evidence the...