Home Highlights April 2016 Year 2016 This

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1. LTCG - Computation of cost of acquisition of the property - Unless the Assessing Officer proves that the assessee has demolished existing building and dismantled...

2. Depreciation on glow sign boards and oxygen gas cylinders was rejected by the Assessing Officer, holding that the transaction on the last day of the accounting year...

3. Characterization of income - rental income earned by the assessee as income from the business - The parting of possession of godown, particularly in the circumstances of...

4. Surplus earned on the sale of plot - ‘capital gain‘ OR ‘business income’ - There is no clause in the partnership deed about making investment in the land and to earn...

5. Capital gain from sale of commercial property - intra-head adjustment of loss - Benefit of carry forward of long term capital loss on the sale of shares for the current...

6. Correct head of income - income arising on sale of shares held as capital asset after conversion from stock in trade - business income or capital gains - Tribunal erred...

7. Value of assets for the purpose of calculation of depreciation - sale of assets - u/s.43(6) of the Act, the WDV of the block of assets is to be reduced by the sale...

8. Depreciation - Cost of acquisition - depreciation to be allowed on WDV of the predecessor or Revaluation of assets - Conversation of firm to a company - The assessee as...

9. Claim of depreciation - capitalisation being pre-commencement rent and other expenditure incurred - Section 32 of the Act allows depreciation on actual cost of the...

10. Legal interpretation of the term "original asset" for claiming exemption u/s 54F of the Income Tax Act. It discusses the ownership rights over the "original asset" by...

11. Deprecation u/s 32 on goodwill - Depreciation could not be denied to the Taxpayer merely for the reason that the assets were classified as ‘goodwill’ in the books of...

12. 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...

13. Seeking release of security interest from the liquidation estate - If the respondent wants to proceed with the liquidation proceedings without relinquishing his security...

14. Classification of Income - Business income or income from other sources - the purpose of construction of the commercial complex and the sale of shops was done with the...

15. E-commerce business - Selling at a price lower than the cost price - unless certain provisions such as Section 145(3)are invoked, the AO is not empowered to go beyond...