Charitable trust income application permits verified capital expenditure but rejects deferred pre-operative claims and requires reconsideration of con...
Reinsurance premium deductions require established regulatory breaches, while independently acquired software qualifies within the computer depreciati...
Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Surplus from sale of 25 plots was treated as capital gains, not business income, because the transaction had to be judged cumulatively: the assessee was not in real estate, the plots were acquired in one transaction, held for about six years, funded from own resources, and there was no evidence of repeated land dealing or intensive development showing a trading venture. Mere multiplicity of plots sold was insufficient to convert investment into stock-in-trade. Agricultural land was also held outside the capital-asset definition under section 2(14), so neither business income nor capital gains arose on its sale or the compulsory acquisition compensation.
Surplus from sale of 25 plots was treated as capital gains, not business income, because the transaction had to be judged cumulatively: the assessee was not in real estate, the plots were acquired in one transaction, held for about six years, funded from own resources, and there was no evidence of repeated land dealing or intensive development showing a trading venture. Mere multiplicity of plots sold was insufficient to convert investment into stock-in-trade. Agricultural land was also held outside the capital-asset definition under section 2(14), so neither business income nor capital gains arose on its sale or the compulsory acquisition compensation.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4800
Join Channel
TaxTMI 
