Search Results For: Hari S. Raheja


ITO vs. Nishant Lalit Jadhav (ITAT Mumbai)

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DATE: April 26, 2017 (Date of pronouncement)
DATE: May 20, 2017 (Date of publication)
AY: 2011-12
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S. 54/ 54F: There is no requirement that the investment in the new residential house should be situated in India prior to the amendment by the Finance (Nos.2) Act, 2014 w.e.f. 01/04/2015

A similar situation, though in the context of section 54F of the Act, has been considered by the Hon’ble Gujarat High Court in the case of Smt.Leena J. Shah (supra); notably, so far as the impugned issue is concerned, the requirement of sections 54F & 54F of the Act is pari-materia, inter-alia, requiring the assessee to make investment in a new residential house in order to avail the exemption on the capital gains earned. As per the Hon’ble High Court, prior to the amendment the only stipulation was to invest in a new residential property and that there was no scope for importing the requirement of making such investment in a residential property located in India

DCIT vs. Ateev V. Gala (ITAT Mumbai)

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DATE: April 19, 2017 (Date of pronouncement)
DATE: May 19, 2017 (Date of publication)
AY: 2010-11
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S. 56(2)(vi): A HUF is a "group of relatives". Consequently, a gift received from a HUF by a member of the HUF is exempt from tax as provided in the Explanation to s. 56(2)(vi)

From a plain reading of section 56(2)(vi) along with the Explanation to that section and on understanding the intention of the legislature from the section, we find that a gift received from “relative”, irrespective of whether it is from an individual relative or from a group of relatives is exempt from tax under the provisions of section 56(2)(vi) of the Act as a group of relatives also falls within the Explanation to section 56(2)(vi) of the Act. It is not expressly defined in the Explanation that the word “relative” represents a single person. And it is not always necessary that singular remains singular. Sometimes a singular can mean more than one, as in the case before us. In the case before us the assessee received gift from his HUF. The word “Hindu Undivided Family”, though sounds singular unit in its form and assessed as such for income-tax purposes, finally at the end a “Hindu Undivided Family” is made up of ‘a group of relatives”

B. R. Films vs. ACIT (ITAT Mumbai)

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DATE: January 14, 2015 (Date of pronouncement)
DATE: January 21, 2015 (Date of publication)
AY: 2008-09
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CITATION:
Important law on recognition of revenue in the context of taxability of advance received for transfer of home video & satellite broadcasting for a period of five years explained

In CIT Vs Birla Gwalior Pvt. Ltd. 89 ITR 266, the Supreme Court had occasion to consider the question of accrual and the effect of subsequent events thereon. In this case Supreme Court made a distinction between “Real Income” and “hypothetical income” and stated that it is the real accrual of income that has to be taken into consideration and not a hypothetical accrual of income

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