By Accommodation Times Bureau NEW DELHI Due to intensive efforts were undertaken by the Income Tax Department, the provisional attachment has been made in more than 900 cases of properties under the Prohibition of Benami Property Transactions Act (the ‘Benami Act’), which came into force w.e.f 1st November, 2016. These attachments include
By CA Vimal Punamiya Accommodation Times News Services Q. 1 What remedy does the assessee have in case of misbehavior of the officers? Ans. Misbehavior may lead to some injury, damage or harm to the interest of the assessee or his reputation or it may only hurt his feelings and sentiments, religious or otherwise, Depending on
By Accommodation Times News Service By CA Vimal Punmiya Latest Reforms to Simplify Income Tax Laws and Procedures for Filing of Returns and Other Developments Related To Housing Industry High Level Committee to be formed & to be chaired by the Revenue Secretary and consist of Chairman, CBDT and an expert from outside.
By Accommodation Times Research Bureau Deduction in respect of profit from housing projects: Section 80IBA This is a new provision introduced to provide incentive for construction of low income houses by allowing 100 % deduction to a builder in respect of profit derived from the project of constructing residential units with built up area
By Accommodation Times Research Income Tax auction Sale in Mumbai Date of Sale Location of Property Area Reserved Knockdown Priced Rs. (lakh) Price Rs. (lakh) 31.12.91 Khar (West) 1639 44.85 44.85 31.12.91 Juhu Tara Road 844 31.1 31.1 31.12.91 Bandra (West) 875 21.9 21.9 (Residential) Terrace 526 31.12.91 S.V.P. Road (Land 853 134 134 with 5 Floor 4096 per floor Building) 31.12.91 18th Rd, Khar (Plot) 3351 127 144 30.12.91 Malabar Hill (Residential) 2349 95.5 121 30.12.91 Napean Sea Rd, ######## ######## ######## (Residential) 30.12.91 Bandra (West) 434 20.7 20.7 (Shop) 30.12.91 Cuffe Parade 1510 88 101 (Residential) 30.12.91 Dalad Street, Fort 678 46.2 46.2 (Commercial) 20.02.92 Bandra (W) 938 34.5 35.5 (Residential) 20.02.92 Peddar Road 1118 43.7 50 (Residential) 233 +Open terrace 20.02.92 Colaba (Residential) 3929 120.75 204 20.02.92 Juhu, Juhu Church Rd 1464 33.85 33.85 20.02.92 Prabhadevi 588 17 17 21.02.92 Chembur 1970 42 44 (Commercial) 21.02.92 Worli 3359 96.3 116 (industrial Unit) 21.02.92 Bombay
By Sammer Sanghvi & Co Accommodation Times News Services SUMMARISED JUDICIAL PRONOUCEMENTS ON INCOME TAX RELATING TO REDEVELOPMENT OF PROPERTIES Finally, the judicial pronoucements on income tax relating to the subject of redevelopment of properties are summarised hereunder : 1. The Mumbai Tribunal in the case of Raj Ratan Palace Co-op. Hsg. Soc. Ltd.
By Accommodation Times News Services 1.As discussed, the capital gains on transfer of development rights to the developer arises : (a)to the society in case where the society is of the nature of Plot purchased type society; and (b)to the members in the case of Flat Owners Society. 2.The relevant provisions under the Income
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