PMLA anticipatory bail requires satisfaction of twin conditions, while predicate-offence protection does not extend to independent money-laundering pr...
School-affiliation charges remain taxable where not directly connected with examinations, while extended limitation requires proof of deliberate tax e...
Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
Page of 4826
Press 'Enter' after typing page number.
1 to 20 of 96510 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
Land held as stock-in-trade in a property development business was outside the scope of section 50C, because that provision applies only to transfer of a capital asset. The Tribunal found that the development agreement, power of attorney, revenue records and balance sheets showed the assessee was acting as a land developer and had not acquired title to the entire parcel. It also noted that the same transaction had already been disclosed as business turnover and accepted as business income, so applying capital gains treatment again would amount to impermissible double taxation. The addition as long-term capital gain was deleted.
Land held as stock-in-trade in a property development business was outside the scope of section 50C, because that provision applies only to transfer of a capital asset. The Tribunal found that the development agreement, power of attorney, revenue records and balance sheets showed the assessee was acting as a land developer and had not acquired title to the entire parcel. It also noted that the same transaction had already been disclosed as business turnover and accepted as business income, so applying capital gains treatment again would amount to impermissible double taxation. The addition as long-term capital gain was deleted.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
Join Channel 
