Tag Archives: Section 45

Transfer takes place when possession of land handed over to builder and not when sale deed is registered in case of joint development agreement

Held There is a fair disclosure by the assessee regarding the sale of the impugned property. In that assessment year i.e.2006-07, it is said to be accepted by the Department that as there was no transfer of capital asset as an agricultural land. It is not the case of the Department that it was subject… Read More »

Applicability of provisions of Section 45 of Insurance Act in various scenarios

To all the Life Insurers Ref:IRDA/Life/GDL/MISC/186/10/2015      Date:28-10-2015 Applicability of provisions of Section 45 of Insurance Act 1938 in various scenarios After amendment to Section 45 of Insurance Act 1938 , we have been receiving queries from the Life Insurers with regard to the application of new provisions in various scenarios that can arise… Read More »

Gains from investments portfolio was taxable under Capital gain

Where assessee company had maintained accounts with applicable accounting standards and revenue was unable to find fault with assessee’s claim, capital gains arising out of investments portfolio was to be taxable under head ‘Capital gain‘ and not as business income HIGH COURT OF CALCUTTA Commissioner of Income-tax, Kolkata-IV v. H K Financiers (P.) Ltd. GIRISH… Read More »

Gains from sale of shares out of investment portfolio are capital gain and not business profits

Whether Gains arising out of investments portfolio are business income or Capital Gain ? Where assessee company had maintained accounts with applicable accounting standards and revenue was unable to find fault with assessee’s claim, capital gains arising out of investments portfolio was to be taxable under head ‘Capital gain‘ and not as business income HIGH… Read More »

Oral partition of property not justified

Q; Can the Assessee claim that there was oral partition of Property and hence capital gains should be apportioned among the members ? Assessee filed his return of income declaring certain capital gains apportioned amongst himself and his three sons stating that there was an oral partition  Assessing Officer completed assessment accepting income declared by… Read More »