Tag: capital gains business income
High price of land sold no reason tax it as business income when its class remained Krishi bhumi In a recent judgment, ITAT has held that land sold can not be treated business income when its class not changed from Krishi bhumi and not changed to commercial land …
Appeal Fee to be paid to ITAT on appeal against Rectification order u/s 154– Residual clause of section 253(6)(d) not applicable says ITAT ABCAUS Neutral Case Law Citation:ABCAUS 3679 (2023) (02) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) / NFAC …
No bar in law for a person dealing in land to also have investment in land. Assessee can hold same class of assets as investment and also as stock in trade. SC dismissed SLP of the Revenue ABCAUS Case Law Citation:ABCAUS 3222 (2020) (01) SC The Respondent …
Purchasing many small properties itself not good enough reason to hold that it was a business transaction. The quantum or number or number of investments i.e. whether the assessee invested in a single property or in many small properties to get better appreciation, does not change the nature …
Sale of property was not business income when not held as stock in trade neither was related to the business of the assessee. ABCAUS Case Law Citation: ABCAUS 2690 (2018) (12) ITAT Important Case Laws Cited/relied upon: Venkataswami Naidu & Co. vs. Commissioner of Income Tax 35 ITR …
Sale of shares can not be treated as business income merely on the basis of notes to Audited Accounts. Five broad tests emphasized by Courts ABCAUS Case Law Citation: ABCAUS 2197 (2018) (02) HC The Challenge/Grievance: The Revenue was aggrieved by the decision of the ITAT affirming the …
Short Term Capital Gain when purchases of any share not repeated. Income held by ITAT as capital gain not business income ABCAUS Case Law Citation: ABCAUS 1270 (2017) (06) ITAT The Grievance: The appeal of the assessee was directed against the order passed by CIT(A) confirming the assessment …
Sale of listed shares held more than 12 months treated capital gain not business income by Allahabad High Court in view of CBDT Circular No. 06/2016 ABCAUS Case Law Citation: ABCAUS 1242 (2017) (05) ITAT The Grievance: The appellant Revenue was aggrieved by the order passed by the …
STCG-LTCG of NBFC held as capital gains not business income based on broad principles as laid down by various judicial pronouncements ITAT observed that in deciding whether a transaction of sale of shares is business income or investment income taxable as short term or long term capital gain, the …
