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 »
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 »
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 »
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 »
Capital Asset Acquired by Operation of Law and its taxability Q: Whether the Capital Gain tax is payable if the Asset if acquired by operation of Law( without paying anything) and not by way of Purchase or inheritance? The rights of ownership of the land were, thus, acquired by the assessee by operation of law,… Read More »
principle of consistency in assessing profit from sale of shares Assessee submitted that it was only engaged in investment of shares and that revenue had accepted profit on sale of investment as capital gain in all earlier years .since transaction of shares was in nature of investment in shares, profit received was to be treated… Read More »
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 »