Home Highlights April 2016 Year 2016 This

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1. JDA - Proof of conversion of land into stock-in-trade - though the sale is more than One Crore, no Audit Report is filed by the assessee. No Balance Sheet has been filed...

2. Long Term Capital Gains - claim of conversion of agriculture land into stock-in-trade - The assessee was required to disclose such lands as stock in trade in books of...

3. Shares converted into stock-in-trade - Valuation adopted for conversion of investments to stock-in-trade, opening stock and closing stock - where an assessee converts...

4. Computation of capital gain - conversion of Gold in stock in trade and income from other sources - assessee converted the gold into stock in trade on various dates and...

5. The lands being agricultural lands have been excluded from the wealth tax - AT

6. The treatment given in the books of account is not a sole factor to determine the year in which land was converted into ‘stock-in-trade’ but series of events undertaken,...

7. Method of computation of business income - sale of flat - conversion of land into stock-in-trade - assessee claimed that FMV on the date of conversion of land into...

8. Sale of agriculture land after converting into plots - once this was an adventure in nature of trade and income is to be taxed as per the provisions of Section 45(2) of...

9. The Income Tax Act did not intend to tax deemed rental income from properties held as stock-in-trade prior to the assessment year 2018-19. Section 23(5), introduced from...

10. Capital gain - effective date of Conversion of capital asset into stock in trade - till the time the owner himself either converts the capital asset into stock-in-trade,...

11. 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...

12. Imposition of GST on trade payables - challenge on the ground that the impugned order travelled beyond the scope of the show cause notice and the entire trade payables...

13. Computation of profit - sale of asset after conversion from capital asset to stock-in-trade - Apply the provisions of Section 45(2) of the Act and compute the capital...

14. Capital gain - Land (asset) held as stock-in-trade in the partnership firm - Considering the legal position as explained by us in the relevant provisions of subsection...

15. Valuation of property - Enhancement in valuation - Land converted from small scale industrial use to 20% residential use - still being used for business - not taxable...