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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.
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