S. 50B : Capital gains–Slump sale–Sale of business undertaking- Assessable as long term capital gain. [S.2(9AA), 2(42C), 45, 50]
Amalgam Foods Ltd. v. DCIT (2019) 177 ITD 606 (Cochin)(Trib.)S. 50B : Capital gains–Slump sale–Sale of business undertaking- Assessable as long term capital gain. [S.2(9AA), 2(42C), 45, 50]
Amalgam Foods Ltd. v. DCIT (2019) 177 ITD 606 (Cochin)(Trib.)S. 50 : Capital gains-Depreciable assets-Block of assets–Sale of flat–Purchase of flat for self occupation-Sale of premises assessable as short term capital gains. [S. (2(11), 43(6), 45]
Sonu Nigam v. ACIT (2019) 177 ITD 597 (Mum.)(Trib.)S. 49 : Capital gains-Previous owner-Cost of acquisition-At time of filing of return of income on 30-9-2009, sub-clause (e) to section 49(1)(iii) was not in statute as same was inserted by Finance Act, 2012, with retrospectively effective from 1-4-1999-Provision cannot be applied for computing the capital gains of relevant year. [S. 45, 47(xiii)]
Utsav Cold Storage (P.) Ltd. v. ITO (2019) 177 ITD 545 / 177 DTR 83 / 199 TTJ 409 (Jaipur)(Trib.)S. 48 : Capital gains-Full value of consideration-Sale of shares below market price-Transfer of shares in guise of loan agreements –Consideration was taken at prevailing market rate and not at Rs. 4 per share.[S. 45]
Radhika Roy v. DCIT (2019) 200 TTJ 665 / 73 ITR 239 / 180 DTR 329(Delhi)(Trib.), www.itatonline.org Dr. Prannoy Roy v. DCIT (2019) 200 TTJ 665 / 73 ITR 239 (Delhi)(Trib.), www.itatonline.orgS. 45(2A) : Capital gains-Depository- Security–Demat–Multiple accounts-FIFO method–Should be applied to account wise and not person wise. [S. 2(42A)]
Radhika Roy v. DCIT (2019) 200 TTJ 665 / 73 ITR 239 / 180 DTR 329 (Delhi)(Trib), www.itatonline.org Dr. Prannoy Roy v. DCIT (2019) 200 TTJ 665 / 73 ITR 239 (Delhi)(Trib), www.itatonline.orgS. 45 : Capital loss-Tax planning-Purchase of compulsory convertible Debentures (CCDs) from its subsidiary company and sale to holding company-Loss is held to be genuine and allowable as capital loss. [S. 4].
Essar Teleholdings Ltd. v. ACIT (2019) 177 ITD 654 / 182 DTR 209 / 201 TTJ 760(Mum.) (Trib.)S. 45 : Capital gains-Firm–Retirement-Excess sum paid over and above sum standing to credit of capital account of partner is assessable as capital gains. [S. 2(47), 54EC]
Savitri Kadur v. DCIT (2019) 177 ITD 259/ 181 DTR 255 (Bang.)(Trib.)S. 45 : Capital gains–Sale of land-Invested in several small properties-Assessable as capital gains and not as business income. [S. 28(i)]
Munish Singla v. ACIT (2019) 177 ITD 529 (Chd.)(Trib.)S. 40(a)(ia) : Amounts not deductible-Deduction at source- Wharfage charges–Not rent–Not liable to deduct tax at source. [S. 194I]
Angre Port (P.) Ltd. v. ITO (2019) 177 ITD 291/ 181 DTR 169 (Pune)(Trib.)S. 40(a)(ia) : Amounts not deductible-Deduction at source- Contractors-Payments to dealers in lieu of service coupons–Liable to deduct tax at source-Payees have filed the return and taken in to account sum for computing income and paid the tax-No disallowance can be made–Matter remanded for verification. [S. 194C, 201(1)]
Mahindra & Mahindra Ltd. v. DCIT (2019) 177 ITD 699/ 183 DTR 89 (Mum.) (Trib.)