S.45: Capital gains- Development agreement – Assessee has handed over possession of plot to developer therefore there was transfer and liable to capital gains tax- As per the agreement has parted with only 50 percent of property ,only 50 percent can be taxed . As regards provision S.45(5A) being substantive provision introduced by the Finance Act , 2017 cannot be applied to the development agreement entered in to earlier-Reassessment was also held to be valid . [ S.2(47)(v), 45(5A),147 ]
S.45: Capital gains- Business income –Land -Sale consideration received in respect of property received on dissolution of partnership of firm of his father was held to be assessable as capital gain and not as business income [ S. 2(14),28(i) ]
S.28(i): Business income- Income from house property – Shipping agency and warehousing – Activities of the assessee involve more than letting therefore assessable as income from business and not as income from house property-New tangible material hence reassessment is bad in law [ S. 22, 147, 148 ]
S. 23 : Income from house property – Annual value – Interest free refundable deposit from tenants- Addition cannot be made in respect of notional interest on refundable deposits. [ S.23(1)(b) ]
S.24: Income from house property- Leasing -Interest paid on borrowed loan which was utilised for acquiring property is held to be allowable deduction [ S.24(b) ]
S.22: Income from house property -Property leasing – Contributions received from tenants towards sinking fund cannot be assessed as rental income.
S. 12AA : Procedure for registration –Trust or institution-Private University, engaged in imparting education, is eligible for registration . [S.2(15) ]
S.4: Income chargeable to tax – Hindu undivided family (HUF) -Father died intestate – Property inherited as per S.8 of the Hindu Succession Act is assessable in his individual capacity and not as Karta of HUF [ Hindu Succession Act 1956, S.8 ]
S. 12AA : Procedure for registration –Trust or institution-Registration cannot be denied only on the ground that the Trust was formed by company for complying corporate social responsibility requirement [ S.11, 80G ]
S.37(1): Business expenditure – Entry tax – e-challan containing all relevant details including name of assessee, impugned disallowance was to be deleted, matter was set aside for verification.