Home Highlights March 2013 Year 2013 This

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1. Addition u/s 56(2)(viia) - taking fair market value of buy back of shares by assessee from its holding company a company incorporated in USA - the provisions of section...

2. Computation of LTCG - Based on a reading of Section 50CA of the Act, it is clear that where the actual sale consideration on transfer of unlisted equity shares is less...

3. Addition u/s.69 or 68 - assessee has paid on-money towards purchase of property to the seller - The assessee is only owner of 1/3rd share in the property purchased. -...

4. Assessee followed joint venture model for sharing revenue with collaborators as per franchise agreement. Assessee recorded all revenues, incurred expenditure, and shared...

5. Initiation of CIRP - financial debt - interest of three quarters which accrued and became payable as a debt - the application filed under Section 7 of the Code could be...

6. Capital gains on partition among family members - determining market value of property - compromise decree resulted in assessee acquiring shares of others - no transfer...

7. Capital gain - sale of property by the legal heir with the co-owners - the assessee (as legal heir of the said property) is liable to capital gains tax during the year...

8. Addition towards the ‘Annual Lettable Value‘(“ALV”) of a property owned - property jointly owned by the assessee - as the rent of ₹ 60,000/- ( ½ share) received by...

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

10. Allowability of non-compete fee paid - As the case of the Assessing Officer appears to be that the non-compete consideration is nothing but a part of the consideration...

11. Sale of property - Property belongs to the HUF of the assessee Or assessee individual - rights on ancestral property - the property was inherited by the father of the...

12. Correct head of income - sale consideration received by the assessee from redemption of preference shares including the premium- capital income or income from other...

13. The High Court held that rent income derived from letting out properties by the assessee should be treated as 'Income from Profits and Gains of Business' and not 'Income...

14. Transfer of 7000 equity shares - prohibitory order u/s 45MB (2) of RBI Act - Admitted possession of 4000 shares certificates and transfer deeds by Anoop Jain - Issue of...

15. Addition u/s 56(2)(vii)(b) - Difference between the agreed consideration and Valuation adopted by the DVO - Assessee is one of the party who along with four others...