S. 50 : Capital gains-Depreciable assets-Block of assets-Set off of loss-Long term gains can be set off against carried forward capital loss. [S. 70, 74]
S. 50 : Capital gains-Depreciable assets-Block of assets-Set off of loss-Long term gains can be set off against carried forward capital loss. [S. 70, 74]
S. 45 : Capital gains-Gift-Company-Family arrangement-Arrangement between members of family-Company separate and distinct entity not part of family-Shares held as stock in trade-Gift of shares to other group companies-Articles empowering gift-Shares disclosed in recipients’ annual accounts and recipients assessed-Shares transacted trough Dematerialised account-No real income taxable in assessee’s hands-Conversion of stock-in-trade into capital asset-Provision for taxation brought with effect from 1-4-2019-No provision for taxation of gift of stock-in-trade in hands of Donor imputing market value. [S. 2(24)(xiia), 2(42A), Expln. 1, 28(via), 45(2), 49(9), Companies Act, 2013, or the Companies Act, 1956. Transfer of Property Act, 1882, S. 122]
S. 45 : Capital gains-Tenancy rights-Amount received for surrender of tenancy rights assessable as capital gains-Investment in specified assets is eligible exemption. [S. 55(2)(a), 54EEC, 54F]
S. 45 : Capital gains-Cost of acquisition-Fair market value-Joint Development Agreement-Sale of flats subsequently-Fair market value of constructed area becomes cost of acquisition and Indexed cost to be deducted in order to arrive at capital gains-Matter remanded for verification. [S. 2(22B), 48]
S. 45 : Capital gains-Sale of shares-Maintaining separate accounts for investment and stock in trade-Profit assesable as short term capital gains. [S.28 (i)]
S. 40(a)(ia) : Amounts not deductible-Deduction at source-Where recipient has declared payment in return and paid tax thereon-Proviso has retrospective effect-No disallowance can be made. [S. 201 (1)]
S. 40(a)(ia) : Amounts not deductible-Deduction at source-Recipient has declared the payment in return and paid tax thereon-No disallowance can be made-Matter remanded.
S. 40(a)(ii) : Amounts not deductible-Rates or tax-Educational cess-Allowable as deduction.
S. 37(1) : Business expenditure-Bogus purchases-Failure to fie quantitative details-Matter remanded to Assessing Officer to give an opportunity of cross examination and to file quantity details.
S. 37(1) : Business expenditure-Management support services-Valuation of stock-cost or net realisable value-Sales promotion expenses-Allowable as deduction. [S. 145]