Tag Archives: Section 2(47)

No Transfer under section 2(47) when the plant and machinery along with land and building is leased out for a limited period of 10 years

whether leasehold rights constitute a “capital asset” u/s. 2(14), whether there is a “transfer” u/s. 2(47) of such rights and whether “capital gains” u/s. 45 ? The High Court observed that it is unable to agree with the above approach of the ITAT to interpreting what appear to be plain and unambiguous provisions of the Act.… Read More »

When Land held as Stock in Trade

 Land held as Stock in Trade but not reflected in Financials Q: Can the Assessing Officer say that Land (treated as stock in Trade by Assessee, but not reflected in the Financial statement as opening and closing stock ) is a capital Asset? Not reflecting the amount as opening WIP and closing WIP is not fatal.… Read More »