Home Highlights August 2012 Year 2012 This

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1. 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...

2. Valuation - includability or otherwise of the value of the free-of- cost components - Normally, the cost price of a product would take into account the purchase cost of...

3. Appeal of the Bank under the SARFAESI Act - The present case, is a classic example how the judicial system is getting clogged with frivolous litigation. The facts and...

4. Addition on account of long term capital gains - indexed cost of acquisition - Claim of assessee that in financial year 1994- 95, the assessee has gifted certain portion...

5. LTCG - Deduction u/s 54 - Adoption of the cost of acquisition of new asset - - what is to be treated as cost of the residential house is the entire cost of house and it...

6. Entitlement to cost of improvement and consequent indexed cost of improvement - The assessee’s wife who was holding 50% title on the said land, has not been allowed cost...

7. Frivolous application for Rectification of mistake - costs of ₹ 10,000/- imposed on the applicant-Commissioner to be paid in to the Prime Minister’s Relief Fund - AT

8. Dishonor of Cheque - vicarious liability of the Director - In the case in hand the petitioner No.2 had not issued any cheque. There is no averment in the complaint...

9. Addition of capital gain - cost of indexation - JDA property - Though in the definition of 'indexed cost of acquisition', the word used are, "in which the asset was held...

10. Valuation by DVO - addition based on estimated cost disregarding actual cost as per books - applicability of section 142A before amendment - non-rejection of books - AO...

11. Capital Gain - property received by way of gift - Cost of acquisition of the asset shall be the cost for which the previous owner of the property acquired it, as...

12. Depreciation - Determination of WDV - Cost of Acquisition - waiver or write of loan - the manner of repayment of loan cannot affect the cost of asset. The actual cost...

13. Capital gain computation - cost of acquisition as well as cost of construction - AO has not even attempted to verify the correctness of the cost of land and construction...

14. Seeking waiver (exemption) of cost recovery basis - whether the CFS has achieved the bench marking for waiver of cost recovery charges - the sanction of posts of customs...

15. Frivolous additions by the Revenue - the Revenue has failed to understand the fundamental difference between sale consideration on one hand and income chargeable to tax...