Home Highlights April 2016 Year 2016 This

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1. Restoration of name of the Company in the Register of Companies - Company is able to demonstrate that it is just to do so, can restore the name of the Company, in the...

2. Wealth tax - the commercial asset used by the assessee substantially and partly given on lease are not business assets and thus includible into the 'net wealth' u/s...

3. Inclusion of assets in to the the net wealth of the assessee (Individual) - whether assets are belonging to bigger HUF - AO directed to make addition of assets in the...

4. Deemed dividend u/s.2(22)(e) - business advance in the hands of the assessee (Director) to purchase the property on behalf of Company - Matter remanded back to AO only...

5. Oppression and Mismanagement - minority shareholders - There was no alternative except liquidation or revival of company through other modes including sale of assets to...

6. Capital gain arising out of sale of office used as registered office - not claimed depreciation under Income tax Act though claimed under companies Act - assessee being...

7. Wealth-tax - any property in the nature of commercial establishments or complexes is excluded from the definition of assets liable for wealth tax - AT

8. Exemption from wealth-tax in respect of assets specified in declaration - THE INCOME DECLARATION SCHEME, 2016

9. Taxability of capital gain - Diversion of income - mortgage by deposit of title deeds, the mortgagee, Bank does not acquire title, much less overriding title to the...

10. Validity of Assessment order against the Company dissolved u/s 560(5) of the Companies Act - appellant-company was struck off from the Register of Companies and stood...

11. Determination of net wealth of assessee - Renting of property - once the rental income from the property is treated as “business income” and the character of the asset...

12. Classification of goods - Pattadar Pass Book cum Title Deed is a “Document of Title” - printing books - the Pattadar Pass Book cum Title Deed is not a document of title...

13. Taxability of notional rent - company having large registered office and does not have any other property - there is a statutory requirement under the Companies Act to...

14. The Court dismissed the applications filed by the applicant company, SMS Textiles Limited, observing that it is a shell company of the company in liquidation and its...

15. Correct head of income - income earned out of sale of property - business income or capital gains - when the asset was converted into stock-in-trade - the assessee has...