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 »
Issue The appellant recognized revenue only in the year in which the plots were sold and registration of conveyance deed. The Assessing Officer is of the view that the revenue should be recognized at every stage of receipt sale consideration Held he provisions of section 2(47) of the Act have no application to the transactions… Read More »
Section 247 Insolvency and Bankruptcy Code 2016 Amendments of Act 43 of 1961. 247. The Income-tax Act, 1961 shall be amended in the manner specified in the Third Schedule. Related Post Book-Commentary on Insolvency and Bankruptcy Code 2016 Insolvency and Bankruptcy Code 2016 Notified by Govt Insolvency and Bankruptcy code 2016 : certain provision to… Read More »
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 »
Whether lease for a period of ten years of plant and machinery along with land and building was a capital asset within the meaning of section 2 (14) of the Act? Summary of Case :- Under the lease agreement dated 24th February 1994 what is given to SGL is a limited right to hold and… Read More »
Q : Whether Registration of document is an essential requirement for transfer of property under Section 2(47) ? Answer : Facts of the case The assessee had transferred his land to the partnership firm for business purposes in which he was a partner. Subsequently said land was re-transferred to assessee. The Assessee claimed long term… Read More »