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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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CITATION:
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 …

DCIT vs. M. Kalyan Chakravarthy (ITAT Hyderabad) Read More »

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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 …

M. Ahammedkutty vs. ITO (ITAT Cochin) Read More »

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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) …

Arvind Shamji Chheda vs. CIT (Bombay High Court) Read More »

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DATE: September 24, 2014 (Date of pronouncement)
DATE: October 4, 2014 (Date of publication)
AY: 2008-09
FILE: Click here to view full post with file download link
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 …

ACIT vs. P. Venkateswara Rao (ITAT Hyderabad) Read More »