By Accommodation Times Bureau
S. 80-IB(10)(d) ceiling on commercial area inserted w.e.f. 1.4.05 does not apply to projects approved before that date
The assessee’s housing project was commenced pre 1.4.2005 when s. 80-IB(10) did not impose any ceiling on the commercial area that could be embedded in the project. S. 80-IB(10)(d) was inserted by the Finance (No.2) [...]

By Accommodation Times Bureau
CIT vs. Cello Plast (Bombay High Court) : Fact that s. 54EC bonds were available during the 6 months & that there were alternative bonds available irrelevant if the bonds not available on the last date.
The assessee sold factory building on 22.3.2006 and earned LTCG of Rs.49.36 lakhs. The LTCG was invested [...]

Accommodation Times Bureau
Excerpts from Direct Tax Laws with tax planning aspects by T.N. Manoharan.
1. Capital gains is chargeable to tax in the year in which transfer takes place except in certain exceptional cases such as compulsory acquisition by government; conversion of capital asset into stock-in-trade ; destruction of asset resulting in awarding insurance compensation. It [...]

HOUSE rent allowance, or HRA, is a major component of your salary. This is given by an employer to an employee to meet the cost of renting a home. As a salaried employee you can claim a tax exemption on such an amount. But there are certain conditions that you need to understand to claim [...]

Firm is not entitled to exemption � A firm is not entitled to exemption under section 54 � CIT v. K. Gangiah Chetty & Sons [1995] 214 ITR 548 (Mad.).
Tax authorities must determine extent of appurtenant land – The expression �land appurtenant thereto� under section 54 has also a secondary meaning as equivalent to [...]

DCIT v. Golflink Software Park P Ltd. (ITAT Bangalore) – The taxpayer was not only letting out its building for rent, but also carried on a complex commercial activity of setting up a software technology park in which various amenities and fit-outs have been provided. The Tribunal relied on the Supreme Court�s decision of CIT [...]

Employees generally receive a house rent allowance (HRA) from their employers. This is a part of the salary package, in accordance with the terms and conditions of employment. HRA is given to meet the cost of a rented house taken by the employee for his stay.The Income Tax Act allows for deduction in respect of [...]

A gift of immovable property made by a Muslim is valid even if it is not registered under the Transfer of Property Act or the Stamps and Registration Act, the Supreme Court today ruled. The apex court said though the TP Act mandates registration of a gift, the same would not apply to a Muslim [...]

Recently ITAT Mumbai held that in the case of Chiranjeev Lal Khanna v. ITO (ITA No. 6170/Mum/2008) held that considering the facts of the case and clauses in the agreement, the taxpayer has transferred land and building to the developer would be chargeable to tax as capital gains. Accordingly, Section 50C of the Income-tax Act, [...]