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15.11.2013 - Voice of CA presents - Updates
Friday, November 15, 2013



 I.  Today's Headlines   

1.    Notification No. 109/2013 containing rates of exchange applicable from November 08, 2013. (Click here for details)

2.    Sebi lays down framework for search and seizure operations. (Click here for details)

3.    RBI may remain hawkish to tame inflationary expectations. (Click here for details)

II.  Direct Tax Case laws:

1. Director of Income-tax v. Neel Gagan Charitable Trust, IT APPEAL NO. 73 OF 2012, Date of Order: 08.07.2013, High Court of Delhi.
 
Where any violation to section 80G could not be established, exemption under section 80G could not be denied.
 
Held Yes.
 
Section 80G (5)(iv) requires an institution or fund to maintain accounts of its receipts and expenditure but where the Director of Income Tax (Exemption), in his order has not alleged or stated that there was any such violation, exemption under section 80G could not be denied.
 
 
2. Commissioner of Income-tax –I v. Smt. Najoo Dara Deboo, IT APPEAL NO. 65 OF 2008, Date of Order: 16.09.2013, High Court of Delhi.
 
Capital gains would be charged only on receipt of sale consideration after development of land; and not when agreement was signed for development of land
 
Held Yes.
 
The capital gain can be charged only on receipt of the sale consideration and not otherwise. How can a person pay the capital gain if he has not received any amount. In the instant case, the assessee has honestly disclosed the capital gain for the assessment years 1998-99 to 2000-01, when the flats/areas were sold and consideration was received. During the year under consideration, only an agreement was signed. No money was received. So, there is no question to pay the capital gain. No reason was found to interfere with impugned order passed by the Tribunal. The same are hereby sustained along with reasons mentioned therein.
 
 

 Golden Rules:

"Whatever the mind of man can conceive and believe, it can achieve."

 

  Thanks & Regards

Team

Voice of CA

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