S. 2(47)(v): Transfer under a dev. ag. effects on handing over possession. Capital gains chargeable even if no consideration recd

In AY 2003-04, the assessee entered into an agreement with Bhavya Constructions pursuant to which he agreed to transfer the land in consideration of the developer giving him four flats in the developed area. The assessee received a token advance and handed over possession of the land. The developer obtained the approval of the municipality…

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Calcutta HC : Expl to s. 73: Speculation loss on transactions in derivatives can be set off against the gains of delivery shares

In AY 2005-06, the assessee, a share broker, entered into derivatives in which it suffered losses. The said losses constituted “speculation loss” (prior to the exclusion of derivatives from the ambit of speculative transactions under clause (d) of s. 43 (5) w.e.f. AY 2006-07). The assessee claimed that the said speculation loss was eligible to…

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No 14A disallowance if no tax free income – All HC

No s. 14A & Rule 8D disallowance if there is no tax-free income In AY 2008-09, the assessee claimed that no s. 14A & Rule 8D disallowance could be made on the ground that (i) the assessee had not earned any tax-free income during the year and (ii) the assessee had sufficient surplus fund and…

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