Home Highlights March 2012 Year 2012 This

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1. 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...

2. Sale of investments - Short term capital gain V/S business income - The assessee has accounted for these investments in shares as capital asset in its books of accounts...

3. Exemption from Capital Gain Tax u/s 54EC - eligible investment in the Infrastructure Bonds of National Highway Authority of India - HC condones the delay of 6 months in...

4. The Appellate Tribunal considered whether the sale proceeds of residential units should be treated as capital gains or business receipts. It was found that the...

5. Exemption u/s 54F - disallowance being long term capital gain on sale of plot - LTCG - section 54F nowhere envisages that the sale consideration obtained by assessee...

6. Addition on account of long term capital gain - AO has not brought on record any material which establish non-genuineness of the members of the society - all the members...

7. Correct head of income - sale of land - “capital gains” or “business income” - In the present case, undisputedly the appellant had made a distinction between those lands...

8. The ITAT Mumbai addressed errors in capital gain computation. The Assessee's claim of ₹ 859,680 was accepted over the AO's ₹ 791,221. An application u/s 154...

9. The case involved determining whether gains from the sale of shares allotted in an IPO should be classified as Short-Term Capital Gains (STCG) or business income. The...

10. Rate of tax on sale of depreciable assets - STCG vs LTCG - as per Section 112 of the Act, the tax on long term capital gains on transfer of a long term capital asset is...

11. Capital gain tax u/s 45 - shares distributed in family settlement - this Tribunal is of the considered opinion that there is no transfer of capital asset, hence, it is...

12. Capital gain u/s 45 - capital gain on surrender of leasehold right - Transfer u/s 2(47) or not? - The Tribunal held that, the act of these assessees in not disclosing...

13. 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...

14. Setting off the long term capital loss arising on sale of shares not subject to STT against long term capital gain arising from sale of Shares subjected to STT exempt...

15. Insertion of new section 54EE- Capital gain not to be charged on investment in units of a specified fund. - to provide exemption from capital gains tax if the capital...