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Recent Posts

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Discussion / Capital Gains on sale of Flat - query
« Last post by pr50 on September 27, 2016, 09:57:57 pm »
1.   My wife and I booked an under construction flat in Sep 2015 – with first name of my wife, and myself as co-applicant.
2.   The initial amount paid to the builder was Rs 50 L. The amounts were paid as follows: 25 L from my wife’s account, and 25 L from a joint account, where my name is 1st  holder, and my wife’s name 2nd  holder.  The receipts for the entire amount of 50 L, from the builder, are in my wife’s name. (The 25 L paid from the joint account was considered as a loan from me to her, which she has repaid to me July 16)
3.   In July 16, my wife sold a flat she owned, the CG from which works out to Rs 80 L. 
4.   Question:   

Since the CG earned by my wife should be reinvested in residential property, would it be correct to treat 50 L, as having already been invested, and only the remaining 30 L still to be invested before July 18?
Or would the IT authorities treat only 25 L as having been invested by my wife, leaving a balance of 55 L still to be put in, in order to avail of the CG exemption available? 
(A related point is, in a joint account of a husband and wife, does the money belong only to the 1st holder of the account, or does the 2nd holder also own this?).

Appreciate your advise, as based on this we would need to take a decision about how much money to deposit in the CG account.     
Discussion / Posting of ITAT members at one stations
« Last post by brettlee on September 27, 2016, 08:54:35 pm »
In these days I am handling cases of Union of India before the High Court of Delhi and Supreme Court and observing that Central Govt Servants are not allowed to keep one station beyond a period of three years or maximum four years, but I have observed that certain members of the ITAT remain posted at one station beyond 5 years. This is a question which requires consideration of the Law Minister and ITAT president because it would be injustice for those who are serving in small stations there has to be rotational policy of three years particularly for Delhi and Bombay. 
« Last post by vsaiyar on September 26, 2016, 03:26:55 pm »
The assessee had got the jewellery valued in 2008.  The assessee has not declared this in the return of income or wealth.  Can the value on 31st March 2008 be declared as undisclosed income under IDS 2016?
Discussion / s. 80IB(10)
« Last post by rajul5234 on September 21, 2016, 09:23:41 am »
Guj. HC. Ganesh housing corporation, SCA 13589/2011. Dt. 12/9/16,

Held, Reopening not permissible to disturb relief u/s 80IB(10) for the reason that assessee is a works contractor and not a developer.

R K Patel
Discussion / s. 11, 12A , 13 . Registration and exemption
« Last post by rajul5234 on August 31, 2016, 07:18:33 am »
TA 568/2016. Dt. 22/8/16. Gujarat high court. Bayat Kutchhi Dasha Oswal Jain Mahajan Trust

Held, s.13(1)(b) cannot be rejected at the time of registration of trust u/s 12A due to reason of trust being of particular religious community, objects of the trust are to be screened.
s. 11 and 13 are to be processed at assessment stage.

R K Patel
Discussion / Penalty s. 271(1)(c)
« Last post by rajul5234 on August 31, 2016, 07:13:29 am »
GUJARAT HIGH COURT. TAX APPEAL 549/2016. dt. 22/8/16. R. Umedbhai
Penalty u/s 271(1)(c) not leviable for motive to conceal. Concelment or inaccurate particulars in return attract the charging provision.

R K Patel
Discussion / Multiple Assessement
« Last post by CA. Sanjay Agrawal on August 27, 2016, 03:18:16 pm »
My client had received Time Barred Order u/s. 153 and an appeal is preferred which is pending disposal by concerned CIT (A). Surprisingly my client again received notice for reassessment proceedings from the Income Tax Officer. Please advise me whether ITO can Again ask for reassessment proceeding once he passed the Order U/s. 147  and previous order passed by him pending before CIT Appeal. 
Discussion / s.69C. bogus purchase
« Last post by rajul5234 on August 20, 2016, 10:19:46 am »
Guj H C. TA 265/08. Dt.1/8/16. Vardhman exports.

Held, If no cash is received back and purchase in stock register is backed by corresponding sales with payment through bank, no addition for bogus purchase is sustainable, that to by invoking s.69C.

R K Patel
Discussion / Capital/Revenue expenditure
« Last post by rajul5234 on August 20, 2016, 10:17:01 am »
Guj. H C. Rameshchandra Luthra. TA 252/07. DT. 10/8/16.

Held, Once for all expenditure incurred for removal of restictive covenent or disability is a revenue expense.

R K Patel
Discussion / Notification for deduction u/s 80IA(4)
« Last post by rajul5234 on August 20, 2016, 10:14:57 am »
SCA 17118/14. Dt. 8 & 9 /8/16. Devraj infrastructures ltd. Guj. H C

Held, Certificate f local authority is an essential requirement for deduction u/s 80IA(4), but appending evidence for completion of work for commencement of industrial park cannot be ignored for issuance of notification by CBDT if substantial requirements  for project completion are complied with.

R K Patel
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