THE GOVERNMENT SHOULD HAVE INDEPENDENT SUPER REGULATORY AUTHORITY TO DIRECT, GUIDE, MONITER THE MOVEMENT OF MONEY OF THE GOVERNEMT, COMMERCIAL AND INDIVIDUAL OF ALL SOURCES INCLUDING INVESTMENTS, BORROWINGS, EXPENDITURE TO LOOK AFTER FUTURE INTERESTS OF THE NATION. AS PER MY KNOWLEDGE, THERE IS NO EFFECTIVE AUTHORITY WHICH CARRIES ON THE ROLE OF THE SUPER REGULATORY […]
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AT PRESENT BANKS ARE FACING RECOVERY PROBLEMS OF LOANS ISSUED. THE REASONS MAY BE DUE TO LOANS GI VEN TO MANUFACTURING TRADING REVENUE BASESD PROJECTS PERSONAL, HOUSING, VEIHCLES OTHERS. REASONF FOR DEFAULT LONGE PROCESS PERIOD, MORE STOCKS, RECEIVABLES EASY TO SELL, LACK OF MARKET LONGER OERFIRNABCE PERIOD, EXPECTATIONS MAY VARY OWN PERSONAL ARRANGMENT, SOURCES […]
Read MoreCapital Gains on Sale of Residential House Property – Utilised For Acquiring New Residential House Property – Eligible For Exemption U/S.54 In letter No. 207/24/76-(A-II), Dated 25-3-1977 the CBDT has clarified that section 54 lays emphasis on the use of the property mainly for the purpose of assessee or his parents own residence. If an […]
Read MoreDescription: The court in this case, instead of being simply guided by the India-Mauritius DTAA granted weightage to real nature of transactions. The court based its ruling on the premise as to who is the real owner of shares, which in irrevocable terms is the USA based company. This ruling reminds us the ruling in […]
Read MoreDescription: Transfer of entire undertaking as a whole including land. Assessee was running a lodge and sold its property Tribunal held that only the capital gains on the building should be computed as short-term capital gains and the balance value of the land should be treated as long-term capital gains even though the land and […]
Read MoreDescription: Given the definitions of the term “business” and “capital asset” in Ss. 2(13) and 2(14), shares, If held for more than 12 months, will be a long- term capital asset, in spite of continued and systematic dealings; On facts, as the assessee had engaged a portfolio manager to look after to buy and sell […]
Read MoreDescription: Given the definitions of the term “business” and “capital asset” in Ss. 2(13) and 2(14), shares, If held for more than 12 months, will be a long- term capital asset, in spite of continued and systematic dealings; On facts, as the assessee had engaged a portfolio manager to look after to buy and sell […]
Read MoreDescription : Land which was shown as agricultural land in the revenue records and never sought to be used for non-agricultural purposes by assessee till it was sold has to be treated as agricultural income was shown by the assessee from this land, and therefore, no capital gain was taxable in the sale of the […]
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