Category Archives: Income Tax Judgments

Section 54F allowed if multiple flats sold to purchase one big flat

IN THE ITAT DELHI BENCH: ‘E’ Assistant Commissioner of Income-tax, Circle-27(1), New Delhi v. Mohinder Kumar Jain H.S. SIDHU, JUDICIAL MEMBER AND O.P. KANT, ACCOUNTANT MEMBER IT APPEAL NO. 5254 (DELHI) OF 2014 [ASSESSMENT YEAR 2011-12] AUGUST  4, 2017 R.C. Dandaya, Sr. DR for the Appellant. R.S. Singhvi and Satyajeet Goel, CAs for the Respondent. ORDER O.P. Kant, Accountant Member – This… Read More »

Sales tax subsidy is revenue receipt if can be used for any purpose

Q : Whether the amount received by the assessee by way of exemption of sales tax payments was  a trading receipt and not a capital receipt, hence  liable to tax ? Held , Yes HIGH COURT OF DELHI Commissioner of Income-tax v. Bhushan Steels & Strips Ltd. S. RAVINDRA BHAT AND NAJMI WAZIRI, JJ. IT APPEAL NOS.… Read More »