Depreciation is not deterrent for claiming long term Capital gains : Tribunal

By Vimal Punmiya, Chartered Accountant   OPINION Querist………………………………………. M/s. PRASHANT CORPORATION The Querist is a Partnership firm, Registered in Mumbai, The firm is involved in business of diamonds and garments and other business, Since last several years. The Querist had their office premises in Prasad Chambers. The Firm was claiming depreciation on the said office

Even if you claim depreciation office premises, still you are entitled for long term capital gains – Tribunal

By Accommodation Times News Services By Vimal Punmiya, Chartered Accountant   OPINION Querist………………………………………. M/s. PRASHANT CORPORATION The Querist is a Partnership firm, Registered in Mumbai, The firm is involved in business of diamonds and garments and other business, Since last several years. The Querist had their office premises in Prasad Chambers. The Firm was claiming depreciation

Flat income tax of 8% chargeable for real estate business if no books kept : Delhi High Court

By Accommodation Times News Service HIGH COURT OF DELHI AT NEW DELHI Date of Decision: December 09, 2014  ITA 80/2014 COMMISSIONER OF INCOME TAX-XII versus SUBODH GUPTA JUDGMENT SANJIV KHANNA, J (ORAL) This appeal by the Revenue under Section 260A of the Income Tax Act, 1961 (‘Act’ in short) relates to