1. Commissioner of Income-tax, Allahabad vs. Smt. Rama Rani Kalia [2013] 38 taxmann.com 176 (Allahabad)
Converting a leasehold property into freehold improves title of asset; holding period reckoned from date of lease -IT: Conversion of rights of lessee in property from leasehold right into freehold only results in improvement of his/her rights over property and it would not have any effect on taxability of gain from such property, which is related to period over which property is held.
2. Commissioner of Wealth Tax, Patiala vs. Industrial Cables (India) Ltd. [2013] 38 taxmann.com 126 (Punjab & Haryana)
Land adjoining factory utilized for industrial purposes wouldn't be liable to wealth tax -IT : Land adjoining factory utilized for industrial purposes would not be liable to wealth tax
3. Commissioner of Income-tax, Delhi vs. H.B. Leasing & Finance Ltd. [2013] 38 taxmann.com 121 (Delhi)
Higher depreciation to be allowed on vehicle given on lease -IT: Where assessee engaged in business of leasing and financing leased vehicles to third parties, assessee would be entitled to depreciation at higher rate of 40 per cent
4. Commissioner of Income-tax (Central), Kanpur vs. Sahara India Mutual Benefit Co. Ltd., Lucknow [2013] 38 taxmann.com 105 (Allahabad)
HC could hear all questions of law even if assessee preferred separate appeals on similar issues for different years -IT: Where separate appeals were filed against common judgment of Tribunal pertaining to assessment of two different years having similar question of law in respect of same assessee, it would be appropriate to hear appeals on all substantial question of law as framed thereunder
5. Dabur India Ltd. vs. Assistant Commissioner of Income-tax, Circle-5(1), Mumbai [2013] 37 taxmann.com 289 (Mumbai - Trib.)
Tenancy rights are not intangible assets; no depreciation allowable thereon -IT: Tenancy rights cannot be construed as 'intangible' assets falling within meaning of Explanation 3 to section 32(1) and, therefore, there is no question of allowing depreciation on said rights
6. Hussan Lal Puri vs. Income-tax Officer, Ward -6(1), Mohali [2013] 38 taxmann.com 7 (Chandigarh - Trib.)
Capital gain tax to be paid in the year itself in which joint development agreement is signed -IT: Where assessee, owner of plot, entered into a development agreement with developer in terms of which he was entitled to receive certain amount in cash and a furnished flat, assessee was liable to pay capital gain tax in year in which said joint development agreement was signed and not afterwards
7. Assistant Director of Income-tax (International Taxation)-4(1) vs. Legg Mason Asia (Ex Japan) Analyst Fund [2013] 38 taxmann.com 12 (Mumbai - Trib.)
Short-term capital loss to be set off against short-term capital gains irrespective of nature of transaction -IT: Loss arising on short term capital assets is to be set off against income arising from such assets for same year, irrespective of whether transactions are categorized as 'off market transaction' or 'on market transactions
Converting a leasehold property into freehold improves title of asset; holding period reckoned from date of lease -IT: Conversion of rights of lessee in property from leasehold right into freehold only results in improvement of his/her rights over property and it would not have any effect on taxability of gain from such property, which is related to period over which property is held.
2. Commissioner of Wealth Tax, Patiala vs. Industrial Cables (India) Ltd. [2013] 38 taxmann.com 126 (Punjab & Haryana)
Land adjoining factory utilized for industrial purposes wouldn't be liable to wealth tax -IT : Land adjoining factory utilized for industrial purposes would not be liable to wealth tax
3. Commissioner of Income-tax, Delhi vs. H.B. Leasing & Finance Ltd. [2013] 38 taxmann.com 121 (Delhi)
Higher depreciation to be allowed on vehicle given on lease -IT: Where assessee engaged in business of leasing and financing leased vehicles to third parties, assessee would be entitled to depreciation at higher rate of 40 per cent
4. Commissioner of Income-tax (Central), Kanpur vs. Sahara India Mutual Benefit Co. Ltd., Lucknow [2013] 38 taxmann.com 105 (Allahabad)
HC could hear all questions of law even if assessee preferred separate appeals on similar issues for different years -IT: Where separate appeals were filed against common judgment of Tribunal pertaining to assessment of two different years having similar question of law in respect of same assessee, it would be appropriate to hear appeals on all substantial question of law as framed thereunder
5. Dabur India Ltd. vs. Assistant Commissioner of Income-tax, Circle-5(1), Mumbai [2013] 37 taxmann.com 289 (Mumbai - Trib.)
Tenancy rights are not intangible assets; no depreciation allowable thereon -IT: Tenancy rights cannot be construed as 'intangible' assets falling within meaning of Explanation 3 to section 32(1) and, therefore, there is no question of allowing depreciation on said rights
6. Hussan Lal Puri vs. Income-tax Officer, Ward -6(1), Mohali [2013] 38 taxmann.com 7 (Chandigarh - Trib.)
Capital gain tax to be paid in the year itself in which joint development agreement is signed -IT: Where assessee, owner of plot, entered into a development agreement with developer in terms of which he was entitled to receive certain amount in cash and a furnished flat, assessee was liable to pay capital gain tax in year in which said joint development agreement was signed and not afterwards
7. Assistant Director of Income-tax (International Taxation)-4(1) vs. Legg Mason Asia (Ex Japan) Analyst Fund [2013] 38 taxmann.com 12 (Mumbai - Trib.)
Short-term capital loss to be set off against short-term capital gains irrespective of nature of transaction -IT: Loss arising on short term capital assets is to be set off against income arising from such assets for same year, irrespective of whether transactions are categorized as 'off market transaction' or 'on market transactions
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