In the present case, two such horses of the assessee became useless and hence deduction of Rs. 18,750 under section 36(1)(vi) of the Act has been claimed. That apart, general loss is also claimed, with reference to the abovesaid activities, to the extent of Rs. 42,029. The total loss thus claimed is Rs. 18,750 + [...]
SUPREME COURT HC: Capital Asset: No Transfer in India , if Controlling Shares Transfererd Ouside India
August 31, 2012 by Leave a Comment
The Hutchison Group, Hong Kong (UK) invested in Hutchison Max Telecom Ltd. (HMTL) which was later renamed as HEL. HEL was an Indian company .The share of HEL was subscribed by many companies incorporated in various foreign countries mostly in Mauritius. Another company named Hutchison Telecommunication International Ltd. (HTIL) incorporated in Cayman Island held [...]
BOMBAY HC: Is Solitary Transaction of Purchase of Land Business Activity?
August 31, 2012 by Leave a Comment
The assessee-company, purchased a plot of land to provide residential facilities to its staff members and to the staff members of a Tata company. However, it sold few of the plots . For a subsequent assessment year, the assessee claimed that it had suffered a loss because several other selling agents were appointed by the [...]
BOMBAY HC: Premium Received on Work For Sublease Land
August 31, 2012 by Leave a Comment
The assessee-company, Toy an agreement, took on sub-lease certain land on payment of premium and annual lease rent. Subsequently, it entered into agreements with two of its sister concerns, for giving on sub-lease some land out of the land taken earlier. It was also agreed between the parties that the assessee would undertake to lay [...]
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