Home Highlights November 2010 Year 2010 This

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1. The ITAT Visakhapatnam dealt with a revision u/s 263 regarding the treatment of a residential property sale as short-term or long-term capital asset. The dispute...

2. SSTCG or LTCG - sale of composite factory land, factory building alongwith borewell was sold – consideration received should be bifurcated in respect of each of the...

3. Addition of undisclosed income arising out of sale of land - on-money - Once, nature and character of land sold is established as agricultural land not to be treated as...

4. When there is a transfer of capital asset being land together with building and where the land is held for a period of more than 36 months and the building held for less...

5. Reopening of assessment u/s 147 - Assesseee had already disclosed the receipt by way of sale consideration from the transaction in question and has bifurcated the said...

6. Allowable deduction in computing the capital gains - Expenditure wholly and exclusively in connection with the transfer of the property - There was no mentioning of any...

7. Correct head of income - Profit or loss derived from sale of land - Assessee has computed profit or loss derived from sale of land under the head ‘capital gains’ to...

8. Determination of capital gain - allocation of sale consideration between the land and building - The historical cost of building or WDV of building cannot be...

9. Sale of land - Assessing Officer in bringing to tax the short term capital gains arising from the sale of agricultural land under the head ‘business income’ - land in...

10. Capital gain arising on transfer of land - STCG arising out of the transfer of non-agricultural land - real owner - The appellant asserts that the land was purchased on...

11. Disallowance of set off of Loss - sale of equity shares (STT) - short-term capital gains (STCG) on sale of derivatives and short-term capital loss (STCL) - The Tribunal...

12. Classification of supply - supply of goods or supply of services - sale of plots - As per entry 5 of Schedule III of SGST Act, sale of land and, subject to clause(b) of...

13. LTCG - capital assets OR agricultural land - at the time of sale the assessee’s land was more than 8 KMs away from the local limits of Municipal Council - assessee’s...

14. Profits arising on sale of land - ‘business income’ OR 'capital gains' - after purchase of land assessee got if converted to NA land - the assessee also got a lay out...

15. Penalty u/s 271(1)(c) - assessee had not withheld any relevant information regarding the short term capital gains from the AO which was based on the valuation report of...