Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights July 2016 Year 2016 This

Merely because the assessee had divided bigger plot into small ...

Case Laws     Income Tax

July 18, 2016

Merely because the assessee had divided bigger plot into small plots does not establish the same to be business activity carried on by the assessee or adventure in the nature of trade, keeping in view the other circumstances of the case. - AT

View Source

 


 

You may also like:

  1. Income from sale of land - Income from business OR capital gain - object of the assessee to purchase the land to convert into small plots and then sale these small plots...

  2. Addition u/s 56(2)(vii)(b)(i) - difference between the actual purchase consideration of plots of land and market value as per stamp valuation authorities - Assessee has...

  3. LTCG - Exemption u/s 54F - As seen that both the plots, namely, 28 and 29 were simultaneously purchased and are adjacent to each other. The assessee has claimed that...

  4. Assessment of Long Term Capital Gain U/sec 45(2) - conversion of land as stock-in-trade - sale of land after plotting - The assessee’s claim to compute long term capital...

  5. Direction of the CIT(A) to assess the development of plots as Short Term Capital Gain on sale of plots - Since assessee is owner of the plots, sale of plots will also be...

  6. Computation of Capital Gain - provision for site development expenses against sale of plots and the disallowance being premium on re-purchase - Once the plots are sold...

  7. Sale of agriculture land after plotting - Business income or capital gains - Due to the large size of the land, it was divided and sub-divided and sold to the interested...

  8. Assessee's intention was to hold landed property as investment, not for trade. Revenue failed to prove by reliable evidence that assessee indulged in activities typical...

  9. Provisional attachment - attachment of plots after sale by the assessee - the attachment passed by the Income Tax Authorities would have to be limited to plots owned by...

  10. Estimated income from sale of plots- In this case, except agreement to sale for one plot, the AO does not have any other credible evidence to support his estimation of...

  11. An isolated transactions or activity cannot be a part of business and to consider the question of business there must regular activity of purchasing and selling. In the...

  12. Levy of GST - sale of plot of land for which, as per the requirement of approved by the respective authority (i.e. Jilla Panchayat), Primary amenities such as, Drainage...

  13. Revision u/s 263 - claim of depreciation - no business activity - the assessee is not carrying on any business activity. Indeed the manufacturing activity of the...

  14. Valuation - Section 50C - D.V.O. is correct in estimating the value of the plot as per the building byelaws of Agra Development Authority because that plot is having...

  15. Exemption u/s 11 - whether the hostel activity of the trust which is imparting dental education in the institution established by it is a business activity incidental to...

 

Quick Updates:Latest Updates