account of sale of
old scrap and the same being capital asset beyond the purview of section 41(1) . In
another submission ... before us contended that loan liability was representing against
the fixed assets being capital in nature. Therefore, the provisions of section
Suryakant Gupta vs Rajaram Corn Products (Punjab) Ltd. on 5 February, 2001
Equivalent citations: [2002
placed on Para-12 of Accounting
Standard-10 "Accounting for Fixed Assets" issued by the Institute of Chartered
Accountants of India, the premier ... respect to Fixed Assets. As per para 12.1 thereof, only expenditure that
increases the future benefits from the existing asset beyond its previously
assessed standard
bank account maintained with ICICI Bank. The third respondent illegally acquired assets beyond his capacity from and out of the sale proceeds of the property
have any significant savings or assets
beyond co-ownership in a flat costing Rs 18 lakhs; (b) that PKP was aa dummy director
fall under the definition of 'capital assets'
as they were situated beyond the prescribed limit of the nearest municipality.
5. However ... there is a distinction in the land situated beyond
Municipal limits. The land which is beyond six/eight kilometres of Municipal limits
and performing agriculture
Solapur Tollways Private Limited vs Union Bank Of India Limited on 20 November, 2025
NATIONAL
substantial undisclosed assets are found during the
search. Parliament's intent is clear that absent of such asset evidence, past
assessments beyond 3 years ... lakh+
asset threshold is an "inviolable jurisdictional requirement" for extended limitation.
If no such asset is found, a notice beyond the normal period
term capital assets.
Thus, in a situation where because of transfer of a depreciable assets forming part
of the block of the assets, any gain ... capital asset held by the assessee, that is, the long
term capital asset will remain a long term capital asset for all other purposes
term capital assets.
Thus, in a situation where because of transfer of a depreciable assets forming part
of the block of the assets, any gain ... capital asset held by the assessee, that is, the long
term capital asset will remain a long term capital asset for all other purposes
