Thika Tenancies are upto 12 years only in Kolkatta

By Accommodation Times News Services The law relating to Thika Tenancies in relation to Calcutta and Howrah, as it existed prior to the Acquisition Act of 1981, was the Calcutta Thika Tenancy Act, 1949, which excluded leases of land exceeding 12 years' duration. The instant lease being one for 20 years,

Co-op societies cannot be consumers rules state panel

By Accommodation Times News Services PUNE: Cooperative societies involved in activities earning profits for their members cannot claim the status of 'consumers' in litigations before consumer forums, the State Consumer Disputes Redressal Commission had ruled recently. The commission has set aside the Kolhapur district consumer forum's orders to the extent of holding

Latest Judgements on Income Tax related matters in Redevelopment process

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.

Issuance of a notice under Indian Forest Act, 1927 is not sufficient for any land being declared a “private forest” : SC

By Accommodation Times News Services Supreme Court in Godrej & Boyce Mfg. Co. Ltd. & Anr case had taken negative view on question of Issuance of a notice under Indian Forest Act, 1927 is sufficient for any land being declared a "private forest". Fact of the case : IN THE SUPREME COURT OF INDIA CIVIL APPELLATE

Realty projects must display grading for earthquake resistance: SC

By Accommodation Times News Services The Supreme Court has directed the Centre to ensure that all real estate projects launched in the country prominently display the earthquake-resistant category in which they fall and also explain the connotations of the category as defined by the government. Mr. Justices Madan B Lokur and Mr Justice R Banumathi gave the directive on

TDR not to attract Capital Gain Tax : Bombay High Court

By Accommodation Times News Service Bombay High Court in the matter INCOME TAX APPEAL NO. 1356 OF 2012 , Commissioner of Income Tax -18 v/s Sambhaji Nagar Co­op. Hsg. Society Ltd. have observed that TDR generated under DCR by the society is not to be taxed under Capital Gain Tax. "...Thus, the conclusion of the Hon'ble Supreme Court is that an asset which is capable of acquisition at a cost would be included within the provisions pertaining to the head “Capital gains” as opposed to assets in the acquisition of which no cost at all can be conceived.  In the   present