|
II. Direct Tax Case laws:
1. ACIT Vs. Meenakshi Khanna, ITA No. 644/ DEL/ 2012, Date of pronouncement: 14.06.2013, ITAT - Delhi
Decision: In favour of Assessee
Section: 56(2)(vi) of Income Tax Act, 1961
Assessment Year: 2008-09
Case referred: Princes Maheshwari Devi vs CIT (1984) 147 ITR 258
Whether lump sum amount received from ex-husband as alimony is taxable u/s 56(2)(vi) of the Income Tax Act, 1961.
Held No,
The
money received as lump- sum alimony, against an agreement for divorce
entered between husband and wife prior to their divorce shall be
considered to be received from relative as provided in section 56(2)(vi)
of the Act. Further, it cannot be said that the sum was received
without consideration as the consideration in such a case shall be
considered as relinquishment of personal rights against any past or
future monthly maintenance. The amount was held as capital receipt and
shall not be taxable.
(Please click here for judgment)
2. New Delhi Hotels Ltd. Vs. ACIT, ITA No. 238-240/2013, Date of Judgement: 17.05.2013, Delhi High Court
Whether
the rental income derived from the unsold flats shown as stock-in-trade
would be taxable under the head “Profits and gains from business and
profession”
Held No,
Following
the decision in CIT v Ansal Housing Finance & Leasing Co. Ltd.
decided on 31.10.2012 in ITA No. 18/1999, it was held that the actual
rent received on account of renting of flats held as stock-in-trade
shall be taxable under the head “House Property” and not under “PGBP”.
(Please click here for judgment)
|
New User? 
Subscribe Now