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Dear Subscriber,
M/s. J. S. & M. F. Builders vs. A. K. Chauhan (Bombay High Court)
S. 45/ 147: Capital gains are chargeable to tax when individual flats are sold and not when the land is transferred to the co-operative society formed by the flat purchasers. The flat purchasers, by purchasing the flats, had certainly acquired a right or interest in the proportionate share of the land but its realisation is deferred till formation of the co-operative society by the owners of the flats and eventual transfer of the entire property to the co-operative society According to the Assessing Officer, assessee had erred in offering to tax 'capital gains' in the year when the individual flats were sold whereas such 'capital gains' could be assessed to tax only when the land is trasferred to the co-operative society formed by the flat purchasers. If the assessee had offered to tax as 'capital gains' in the assessment years under consideration which should have been offered to tax in the subsequent years, it is beyond comprehension as to how a belief can be formed that income chargeable to tax for the assessment year under consideration had escaped assessment. That apart, the flat purchasers by purchasing the flats had certainly acquired a right or interest in the proportionate share of the land but its realisation is deferred till formation of the co-operative society by the owners of the flats and eventual transfer of the entire property to the co-operative society
Trust Deficit … Is It?
CA (Dr) Vardhaman Jain has dealt with the sensitive topic of the alleged "Trust Deficit" between the Income-tax Department and the taxpayers based on the recent interaction between Sadhguru Jaggi Vasudeo and Shri Pramod Chandra Mody, the Chairman of the CBDT. The learned author has provided his own insights into what has led to the deficit and has offered valuable suggestions on what the two parties can do to bridge the same. He has also dilated on the role that professionals can play in the process See Also: Digest of case laws (updated regularly) containing latest judgements reported in BCAJ, CTR, DTR, ITD, ITR, ITR (Trib), Chamber's Journal, SOT, Taxman, TTJ, BCAJ, ACAJ, www.itatonline.org and other journals
Navin Jolly vs. ITO (Karnataka High Court)
S. 54F: In determining whether the assessee owns more than one residential property, the usage of the property has to be considered. If an apartment is sanctioned for residential purposes but is in fact being used for commercial purposes as a serviced apartment, it has to be treated as commercial property. Alternatively, several independent residential units in the same building have to be treated as one residential unit and there is no impediment to allowance of exemption u/s 54F(1)__._,_.___
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