Home Highlights September 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. Correct head of income - treatment of income from sale and purchase of shares - business income or income from capital gains - high volume of transactions and frequently...

3. 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...

4. Sale of shares - Capital Gains or business income - it will not be appropriate to assess the income declared by the assessee from sale and purchase of shares as business...

5. Correct head of income - profit on sale of land /immovable property - business income or capital gain income - Correct head of income - profit on sale of land /immovable...

6. 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...

7. The ITAT Indore addressed the issue of re-characterizing income from share trading as either short-term capital gain or business income. The tribunal found that the...

8. Profit earned on sale of shares - frequency and volume of purchase and sale of shares shows, intention of assessee was to generate income through trade, rather than...

9. 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...

10. 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...

11. Assessee utilized long-term capital gain from sale of immovable property for purchase of new residential property within permissible time period. Purchase consideration...

12. Correct head of income - Gain on sale of industrial site - capital gain v/s business income - the same being essentially a finding of fact that the sale of Industrial...

13. Correct head of income - Gain on sale of shares - nature of purchase of shares either as “investment” or “stock-in-trade” - AO has not given any clear cut finding that...

14. Correct head of income - business profit or Long Term Capital Gains - GPA was restricted to the extent of builder’s right at 73.33% of the land and that portion allotted...

15. Income earned by sale of land - The assessee is into the business of acquiring and sale of plot and colonizers. On going through the Memorandum and Articles of...