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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
Discussion / Penalty u/s 271E
« Last post by rajul5234 on August 20, 2016, 10:01:27 am »
TA 648/07. Dated 4/8/16. Patel gokul jeram. Gujarat high court

Deleted penalty u/s 271E based on circular applied  in decision.

R K Patel
Discussion / Undisclosed capital gains
« Last post by rajul5234 on August 20, 2016, 09:58:52 am »
Gujarat high court. TA 801/2007, dated 10/8/16

held, Investment in shares to be proved by revenue to hold assessee is liable for tax towards undisclosed capital gains.

R K Patel
Discussion / Re: Additions on base of statement in search
« Last post by vsaiyar on August 19, 2016, 12:16:31 pm »
Discussion / Unexplained receipts based on jottings
« Last post by rajul5234 on August 12, 2016, 05:00:06 pm »
Bharatkumar. R. Joshi. Gujarat high court. Tax appeal 1474 / 2008, dated 1/8/16.

Held that no addition sustainable on base of jottings having no nexus with business of assessee.

R K Patel
Discussion / Re: Additions on base of statement in search
« Last post by rajul5234 on August 12, 2016, 04:57:13 pm »
Please take a print from Gujarat High Couet website. I am unable to annex, though I tried my best.
Discussion / Re: Additions on base of statement in search
« Last post by vsaiyar on August 06, 2016, 02:45:27 pm »
Dear Brother

I am awaiting copy of the judgement.  Please forward the judgement to me.

Yes, You can claim exemption,
under section 54 :

Section 54: Proceeds from Sale of Old Residential Property used to Purchase a New Residential Property.

Any Long term Capital Gain arising either to an Individual or a HUF from the sale of a Residential Property shall be exempt to tax to the extent such Gain is invested in:

The Purchase of another residential property within 1 year before the date of sale or 2 years after the due date of transfer of the property sold or
Construction of a Residential House Property within a period of 3 years from the date of transfer.
In case of compulsory acquisition the period of acquisition or construction will be determined from the date of receipt of compensation (whether original or additional).

The Assessee should take a note that with effect from assessment year 2015-16 exemption can be claimed only in respect of one residential house property purchased/constructed in India. If more than one house is purchased or constructed, then exemption under section 54 will be available in respect of one house only. No exemption can be claimed in respect of house purchased outside India.

Amount of Exemption:

Exemption under section 54 will be lower of following:

Amount of capital gains arising on transfer of residential house; or
Amount invested in purchase/construction of new residential house property (including the amount deposited in Capital Gains Deposit Account Scheme)
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