Construction of memorials in the memory of war heroes is charitable object

Construction of memorials in the memory of war heroes is charitable object Posted: 26 Aug 2012 08:40 PM PDT By looking at the aims and objectives of the assessee's-society it was apparent that one of the objectives was construction of suitable memorials in the memory of war heroes but the other objects to be taken up the assessee-society by way of setting up educational institutions, arranging seminars,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Section 54F available even if borrowed funds used for investment Posted: 26 Aug 2012 08:32 PM PDT The capital gains earned by the assessee can be utilized for other purposes, and as long as the assessee fulfils the condition of investment of the equivalent amount in the asset qualifying for relief under section 54F, by securing the money spent out of the capital gains from other sources... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] To claim terminal depreciation asset must be used for purpose of business or profession Posted: 26 Aug 2012 08:29 PM PDT The assessee was in the business of offset printing and typesetting. It admittedly had converted this land and factory building into stock-in-trade. The Minutes of the assessee-company did the conversion of the land and factory building into stock-in-trade and the business assets of the assessee no... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Slump Sale – Transfer of right to carry on business is chargeable as capital gains Posted: 26 Aug 2012 07:36 PM PDT No material whatsoever was brought on record by the Assessing Officer to the effect that the payment of Rs. 1,20,00,000 was for the assessee not to engage in any business. Even so, the Assessing Officer opined that the compensation of Rs.1,20,00,000 was not a capital receipt liable to capital... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] For making a new claim before appellate authorities filing of revised return not necessary Posted: 26 Aug 2012 07:32 PM PDT The making of a new claim if any before the Assessing Officer is required to be done only by way of filing the revised return of income and not by way of letters or by way of filing revised computation etc. But when comes to the Tribunal or for that matter the Commissioner (Appeals), who is also... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Payment of principal amount under financial lease not allowable as revenue expenditure Posted: 26 Aug 2012 05:40 PM PDT Admittedly, vehicles have been taken under a finance lease arrangement and not under operational lease, Article 2.2 of the agreement entered into by assessee with LPIN provides for arrangement for the registration & insurance of the vehicles and inter alia, stipulates that vehicles shall be... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Expenditure having direct nexus with income generating apparatus allowable Posted: 25 Aug 2012 12:26 PM PDT The reliance placed on Hon'ble Supreme Court judgment in the case of Empire Jute Co. Ltd. (supra) is well placed as the expenditure incurred by the assessee has direct nexus with its income generating apparatus. Respectfully following various judgments mentioned and relied on by CIT(A) we see no... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]