S. 147 : Reassessment-After the expiry of four years-Housing project-Completion certificate issued within four years from date of obtaining permission-Re assessment is held to be bad in law. [S. 80IB(10), 148 Art. 226]
S. 147 : Reassessment-After the expiry of four years-Housing project-Completion certificate issued within four years from date of obtaining permission-Re assessment is held to be bad in law. [S. 80IB(10), 148 Art. 226]
S. 48 : Capital gains-Computation-Industrial building-Failure to produce confirmation-Expenses in relation to cost of construction of gala is held to be not allowable as deduction. [S. 45, 260A]
S. 45(2) : Capital gains-Conversion of a capital asset in to stock-in-trade-Shares as investment-Valued the stock at lower of cost-Matter remanded to the Assessing Officer. [S. 45]
S. 45 : Capital gains-Business income-Dealing in land-Industrial building-Outright purchase and sale-Assessable as short term capital gains and not as business income-Question of fact. [S. 28(i), 260A]
S. 37(1) : Business expenditure-Real estate business-Forfeiture of advance-Allowable as business expenditure. [S. 28(i), 45]
Prohibition of Benami Property Transactions Act, 1988 –
S. 24: Notice and attachment of property – Provisions of Act providing for confiscation of properties found to be ‘Benami’ could be applied in respect of transactions carried out prior to 1-11-2016, i.e. date on which amended provision of law by virtue of Amendment Act, 2016 came into force.
Prohibition of Benami Property Transactions Act, 1988 –
S. 2(9): Benami transactions – Where son sought to obtain a declaration of being real and/or benami owner of property on ground that he had given money to his father and mother to purchase property which they got registered in their name but actually property belonged to him, however, no particulars of father and mother standing in any fiduciary capacity to son were disclosed, son would not be entitled to obtain a declaration of being real and/or benami owner of property
S. 268A : Appeal-Monetary limit-Audit objection-Dismissal of appeal on account of below monetary limit is held to be not valid. [S. 254(1)]
S. 268A : Appeal-Lower than monetary limit fixed by Circular-Appeal was less than monetary limit of Rs. 10 lakhs fixed by CBDT Circular No. 21/2015, dated 10-12-2015.
S. 268A : Appeal-Monetary limit-Lower than monetary limit fixed by Circular No. 3/2018 dated 11-7-2018-Appeal was same was dismissed. [S. 80IB(10), 271(1)(c)]