Search Results For: capital gains


Cochin Stock Exchanges Limited vs. CIT (Kerala High Court)

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DATE: January 1, 2014 (Date of pronouncement)
DATE: November 14, 2014 (Date of publication)
AY: 2004-05
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S. 2(47)(v): Execution of a Power of Attorney in favour of the builder constitutes part performance u/s 53A of TOP Act and a "transfer" for capital gains

(i) On a reading of the above provision itself, it is clear that possession of the property has been handed over to the builder immediately on receipt of the first installment of the payment from the builder. As per clause

ACIT vs. The Upper India Chamber of Commerce (ITAT Lucknow)

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DATE: November 5, 2014 (Date of pronouncement)
DATE: November 11, 2014 (Date of publication)
AY: 2008-09
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S. 50C vs. s. 11: If a charitable institution invests the entire sale consideration in other capital asset, s. 50C should not be invoked

The only issue in the appeal is, therefore, whether while taking the Value of Sale of capital Asset being immoveable property in case of an institution registered u/s 12A whether the provisions of section 11(1A) will prevail or deeming provisions

ITO vs. Onkarmal Kajaria Family Trust (ITAT Kolkata)

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DATE: October 27, 2014 (Date of pronouncement)
DATE: October 28, 2014 (Date of publication)
AY: 2006-07
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S. 50C: AO cannot straightaway adopt stamp duty value as consideration for capital gains but must offer assessee benefit of reference to DVO for valuation

It is difficult to accept the proposition that the assessee had accepted that the price fixed by the District Sub Registrar was the fair market value of the property. No such inference can be made as against the assessee because

DCIT vs. M. Kalyan Chakravarthy (ITAT Hyderabad)

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DATE: October 24, 2014 (Date of pronouncement)
DATE: October 26, 2014 (Date of publication)
AY: 2008-09
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S. 2(1A): Gains from sale of agricultural land is exempt even though purchaser intends to use the land for commercial purposes

The only reason the A.O. treated the land as non-agricultural land was that ‘agreement of sale’ read with ‘Irrevocable GPA’ does not indicate that land retained the character of agriculture at the time of transfer. This was also the ground

M. Ahammedkutty vs. ITO (ITAT Cochin)

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DATE: September 19, 2014 (Date of pronouncement)
DATE: October 5, 2014 (Date of publication)
AY: 2007-08
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CITATION:
U/s 45(4), capital gains on transfer of capital assets on dissolution of firm has to be worked out on the basis of the fair market value of the capital asset on the date of transfer

(i) Dissolution and retirement are two different concepts. In the case of retirement, the retiring partner goes out of the firm but the remaining partners continue to carry on the business of the partnership as a firm. In the case

Arvind Shamji Chheda vs. CIT (Bombay High Court)

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DATE: September 12, 2014 (Date of pronouncement)
DATE: October 4, 2014 (Date of publication)
AY: 1998-99
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CITATION:
The correct test to be applied is whether the partnership assets were converted to capital assets of the partners at the time of dissolution

The correct test to be applied is whether the partnership assets were converted to capital assets of the partners at the time of dissolution. This we find, was provided for in the dissolution deed itself which records in clause (3)

ACIT vs. P. Venkateswara Rao (ITAT Hyderabad)

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DATE: September 24, 2014 (Date of pronouncement)
DATE: October 4, 2014 (Date of publication)
AY: 2008-09
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CITATION:
No transfer merely because development agreement is entered into

As can be seen from the observations made by CIT(A), he has given specific finding of fact that development agreement has not been acted upon by the developer till date. Therefore, he has concluded that as there is no willingness

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