Surrender of tenancy right is assessable as capital gain

Surrender of tenancy right is assessable as capital gain Posted: 18 Sep 2012 08:53 PM PDT It is to be noted that in the instant case what has been transferred by the assessee is the tenancy right which is very much part of the capital asset as envisaged in sub-section (2)(a) of section 55. Sub-section (2)(a) of section 55 stipulates that cost of acquisition in relation to asset, inter... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Probe delay in filing appeal in cases involving huge revenue/demand -SC Posted: 18 Sep 2012 08:50 PM PDT In large number of cases, we find a peculiar phenomenon. In cases, where huge revenue/demand from the Department is involved, invariably, there is inordinate delay in filing appeals before the High Court under Section 260A of the Income Tax Act, 1961, and in filing special leave petitions before... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Tribunal cannot recall its order & substitute by new order Posted: 18 Sep 2012 07:28 PM PDT Power to rectify an order, under Section 254 (2) is extremely limited. It does not extend to correcting errors of law, or re-appreciating factual findings. Those, properly fall within appellate review of an order of court of first instance. What legitimately falls for consideration are errors... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Reopening on the basis of approval from CIT instead of JCIT/Addl. CIT is not valid Posted: 18 Sep 2012 06:53 PM PDT Section 151(2) mandates that the satisfaction has to be of the Joint Commissioner. That expression has a distinct meaning by virtue of the definition in Section 2(28C). The Commissioner of Income Tax is not a Joint Commissioner within the meaning of Section 2(28C). [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Trust working for a particular community not eligible for approval under section 80G(5) Posted: 18 Sep 2012 06:12 PM PDT On the perusal of trust deed, it would be clear that trust was created wholly for a particular purpose and religious community i.e. Hindu and not for charitable purposes and thus, it contravenes the conditions laid down in section 80G(5) (iii) read with Explanation 3. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Assessee claim higher rate of depreciation without revising return Posted: 18 Sep 2012 05:54 PM PDT In 'Hero Honda Finlease Ltd.' (supra), the assessee had claimed higher depreciation @ 40% during the assessment proceedings, as against @ 20% in the tax audit report. The Tribunal held that the claim of higher depreciation in the assessment proceedings could not be termed as a new claim and that... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Section 80IB deduction available on income disclosed during survey Posted: 18 Sep 2012 05:39 PM PDT In the instant case, the search took place in the year 2002 and, therefore, the instant case is governed by Chapter XIV-B. Section 158BB of Chapter XIV-B deals with computation of undisclosed income of the block period. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] After filing appeal, Assessee have no discretion to withdraw it Posted: 18 Sep 2012 05:32 PM PDT The assessee herein sought for withdrawal of the appeal to go before the Settlement Commission, which dismissed the petition on the ground that there was no appeal pending, a mandatory requirement as on the date of taking up a required application. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Interest on loan for acquisition of capital asset is deductible even if such asset not put to use in previous year Posted: 18 Sep 2012 05:04 PM PDT Whether interest paid in respect of borrowings for acquisition of capital assets not put to use in the concerned financial year can be permitted as allowable deduction under section 36(1)(iii) of the Income-tax Act, 1961? [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Notice u/s 148 based on vague notice u/s. 154 not maintainable -SC Posted: 18 Sep 2012 04:59 PM PDT We have gone through the Notice under Section 154 of the Income Tax Act, 1961 . We find that the said notice is totally vague. The Assessing Officer has not even indicated as to on what basis he has allowed excess set-off. Notice under Section 154 of the Act, therefore, was not maintainable. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Limited Liability Partnership (LLP) – Recent changes Posted: 18 Sep 2012 05:40 AM PDT The concept of Limited Liability Partnerships (LLPs) in India was introduced in the year 2009 with the enactment of the Limited Liability Partnership Act, 2008 (6 of 2009) which was notified on 31.03.2009. The first LLP was formed on the 02nd Day of April 2009 and since then almost 10,000 LLPs have... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Retreading of tyre- Service tax Applicability, before & w.e.f 1st July 2012 Posted: 18 Sep 2012 03:34 AM PDT Tyre retreading is a process where the TREAD (the portion of the tyre which meets the surface of road) of an old tyre is replaced/ repaired using a vulcanizing solution to give fresh lease of life to the tyre. When a tyre is manufactured it is estimated that approximately 75%-80% of the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] ECB Policy- Bridge Finance For Infrastructure Sector & Trade Credits For Import Into India Posted: 18 Sep 2012 03:12 AM PDT As per the extant guidelines, Indian companies in the infrastructure sector, where infrastructure is as defined under the extant guidelines on External Commercial Borrowings (ECB), have been allowed to import capital goods by availing of short term credit (including buyers'/suppliers' credit) in... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] FDI in retail to boost farmers growth Posted: 18 Sep 2012 03:10 AM PDT India is sold in the hands of US and European economy. This is the new slogan which might be used across the nation from Monday 17th September 2012 onwards. Every political party will come up with various types of activities like Traffic Jam, and Violence Activities in order to protest against the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Low Tax Effect Circular cannot apply Ipso Facto – SC Posted: 17 Sep 2012 10:40 PM PDT Liberty is given to the Department to move the High Court pointing out that the Circular dated 9th February, 2011, should not be applied ipso facto, particularly, when the matter has a cascading effect. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] TIEA / DTA between India and Liberia Posted: 17 Sep 2012 10:36 PM PDT SECTION 90 OF THE INCOME-TAX ACT, 1961 – DOUBLE TAXATION AGREEMENT – AGREEMENT FOR EXCHANGE OF INFORMATION AND ASSISTANCE IN COLLECTION WITH RESPECT TO TAXES WITH FOREIGN COUNTRIES – LIBERIA Notification No. 32/20012-FT&TR-II [F.No. 503/02/2010-FT&TR-II]/SO 1877(E), dated... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Natural justice is no unruly horse, no lurking land mine, nor a judicial cure-all Posted: 17 Sep 2012 10:32 PM PDT The issue which falls for decision is primarily whether the assessment proceeding in the instant case was conducted in a fair manner so much so conforming to principles of natural justice. It is settled law that principles of natural justice cannot be construed in isolation from the factual matrix... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Service tax in respect of same service cannot be paid for second time Posted: 17 Sep 2012 10:20 PM PDT There is a fallacy in above reasoning of Commissioner (Appeals). The same service for which the contractor has procured an order, does not stand actually provided by him but is passed on to sub-contractor, who provided the actual service, it cannot be said that the contractor is liable to pay duty... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Amendment in Form No. 11 – Annual Return of LLP Posted: 17 Sep 2012 10:14 PM PDT These rules may be called the Limited Liability Partnership (Second Amendment) Rules, 2012. (2) They shall come into force with effect from 16th September, 2012. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] E-payment of Customs duty mandatory Posted: 17 Sep 2012 08:48 PM PDT Notification No. 83/2012-Customs (N.T.) E-payment of Customs duty mandatory for Importers registered under Accredited Clients Programme & for Importers paying customs duty of one lakh rupees or more per bill of entry. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Regarding exemption to maize bran from basic custom duty Posted: 17 Sep 2012 07:54 PM PDT Notification No. 54/2012-Customs     New Delhi, the 17th September, 2012              G.S.R.  (E). – In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962),  the Central Government, being satisfied that it is necessary in the public interest... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Review Petition allowed & judgement recalled on issue of PE & profit attribution Posted: 17 Sep 2012 06:57 PM PDT Question no.1 pertains to the business connection of the appellant in India and Question Nos. 'b', 'c' and 'd' relate to Permanent Establishment viz. whether ANR as its agent could be treated as Permanent Establishment. It was submitted by Mr. S. Ganesh, learned Sr. Counsel appearing for the... [[ This is a content summary only. 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