INDIA CAN SOLVE CASES EASILY THROUGH PUBLIC DOMAIN AND THIS WOULD ALSO SAVE TIME FOR COURTS BECAUSE THEY ARE ALREADY CARRYING OVER 3 CRORE COURT CASES PENDING NOW SOMEWHERE LAWS HAS TO BE CHANGED BECAUSE INDIANS TODAY ARE MORE CAPABLE TO SOLVE CASES THROUGH PUBLIC DOMAIN . SO WHAY WHY CANT LAWS BE CHANGED SO THAT MANY CAN DEBATE DISCUSS THROUGH FACEBOOK OR THROUGH SOCIAL MEDIA TO CHANGE MANY EXISTING LAWS . THIS WILL NOT ONLY REDUCE CRIMES BUT IT WILL DEVELOP INDIA ON A FASTER PACE . STUDYING AND SOLVING PENDING CASES CASES THROUGH PUBLIC DOMAIN WILL MAKE INDIA A BETTER DEMOCRACY . AND THIS WILL BRING MORE INTELLECTUAL MINDS TO SOLVE CASES AND CHANGE LAWS IN INDIA.
Over 3 crore court cases pending across country
SEE THE POSIBILITY OF SOLVING CASES EASILY THROUGH PUBLIC DOMAIN IN INDIA.
ONE HAS TO SEE THE TOOLS FOR SOLVING CASES THROUGH PUBLIC DOMAIN.
YOU DO HAVE CASE LAWS .
THERE ARE CASES RELATING TO TAXES .
NOW SEE HOW MANY INDIANS WHO ARE GOOD IN ACCCOUNTING OR THEY CAN BE COLLEGE STUDENTS
OF COMMERCE OR PEOPLE WORKING IN OFFICE WHAT THEY NEED DETAILS OF A CASE REPORT TO STUDY
AND THEY CAN PROVIDE MORE DETAILED SOLUTIONS COMPARED TO ANY JUDGE OR LAWYER WORKING FOR THAT CASE.
WHY CANT RULES BE CHANGED . INDIAN COURTS HAVE TO USE VIEWS AND SOLUTIONS GIVEN BY STUDENTS AND PEOPLE WORKING IN OFFICE THROUGH SOCIAL MEDIA BECAUSE SO MANY CASES ARE SIMILAR SO WHY CANT THESE PEOPLE HELP TO SOLVE CASES . THEY CAN POST THEIR VIEWS ABOUT A PARTICULAR CASE IN A WEBSITE AND THIS CAN SOLVE MANY CASES EASILY IN INDIA . THIS WILL WORK ON A LARGER SCALE TO GET MORE AND MORE PEOPLE INVOLVED TO SOLVE THE CASES TO DEBATE AND TO ALTER THE EXISTING LAWS .
THIS WILL RESULT IN CHANGE OF LAWS IN INDIA.
Income Tax – Case Laws AND MANY CASE STUDIES
Legal Service India – Landmark Judgments in India – Historical cases, famous Trials
Income Tax Case Laws – Section Wise
Income Tax Judgment of SC, HC and ITAT
ITAT doubts exemption U/s. 54EC allowed by Bombay HC in Ace Builder against short-term capital gains computed u/s 50 – See more at: http://taxguru.in/income-tax-case-laws/itat-doubts-exemption-54ec-allowed-bombay-hc-ace-builder-shortterm-capital-gains-computed-50.html#sthash.ggzXdKAf.dpuf
Brief of the Case Correctness of law laid down by Bombay High Court in Ace Builder 281 ITR 210 that deduction u/s 54EC is available to short-term capital gains computed u/s 50 doubted by ITAT Mumbai in the case of ITO Vs Legal Heir of Shri Durgaprasad Agnihotri although it has followed the Judgment of Bombay High Court as required to maintain judicial discipline. – See more at: http://taxguru.in/income-tax-case-laws/itat-doubts-exemption-54ec-allowed-bombay-hc-ace-builder-shortterm-capital-gains-computed-50.html#sthash.ggzXdKAf.dpuf
Facts of the case:
1. assessee is an individual engaged in the business of photography
2. assessee also earned long term capital gain, which was claimed exempt under section 54EC
3. The assessee made investment of Rs.25,50,000, in capital gain bonds of National Highway Authority of India and claimed exemption under section 54EC of the Act against the aforesaid capital gain earned.
4. The Assessing Officer denied the benefit of exemption under section 54EC on the ground that the shop was a depreciable asset and the resultant gain was a short term capital gain whereas the exemption under section 54EC was available only on long term capital gain (LTCG).
5. the learned CIT(A) allowed the claim of the assessee
Contentions of Appellant:
the building having been held for a period in excess of three years, it would by definition qualify to be a long-term capital asset (LTCA) u/s.2(29A), and the capital gain arising on its transfer eligible for exemption u/s. 54EC.
the Assessing Officer was justified in rejecting the claim of the assessee in-as-much as the capital gain on the sale of shop, a depreciable asset, is deemed as a short-term capital gain (STCG) u/s.50, while exemption u/s. 54EC is allowed only on LTCG, i.e., which is, by definition, not STCG. Ruling of Honorable ITAT/Court: 1. The capital asset sold by the assessee during the year is a shop, comprising of land (or rights therein) as well as building or the super-structure thereon, which are separate and distinct assets under the Act 2. by virtue of the deeming provision of section 50, cost of a long-term capital asset (LTCA), i.e., as per section 2(29A), where depreciable, forming part of a block assets on which depreciation stands claimed, the capital gain on its transfer would have to be computed in terms thereof, i.e. by treating the WDV of the relevant block of assets (or, as the case may be, the relevant asset) as its cost of acquisition. 3. The second deeming per the provision of section 50 is qua the nature of such capital gains, i.e., as capital gains arising from the transfer of a STCA. Section 54EC is available on capital gain arising on the transfer of a LTCA, i.e., which is not a STCA by definition. The same shall, therefore, not apply to capital gains computed u/s.50. 4. by definition a capital expenditure, depreciation, which is amortization of the cost over a definite period is allowed as expenditure where the asset is employed for the purposes of business or profession, toward recouping its’ cost, so as to make available the necessary funds with the business for the replacement of the asset at the end of its’ useful life, enabling the business to in the process, maintain the capital of the firm. 5. Income, by definition, is accretion to capital, so that only the excess, i.e., over cost, including the cost of depletion of capital, would be income, both in economic and accounting theory. The charge of depreciation, thus, has a sound basis thereto, well accepted in taxing statutes. 6. WDV of the relevant (block of) asset, representing its un-depreciated or the unutilized life/value, is taken as its cost of acquisition for the purpose of computation of capital gains in as- much as it is only this, depreciated asset, that stands transferred, fetching a value corresponding with its’ balance life. 7. This would, in our view, also explain or bring forth the prescription of a separate computation mechanism for capital gain on transfer of capital assets that are depreciable (per s. 50), and also not extending thereto the indexation benefit, to adjust for the inflation factor, per s. 48, for such assets even where held for long-term. 8. deduction u/s.54EC to be available on the capital gains computed u/s.50 of the Act. 9. Revenue’s appeal stands dismissed. Key Take Away Correctness of law laid down by Bombay High Court in Ace Builder 281 ITR 210 that deduction u/s 54EC is available to short-term capital gains computed u/s 50 doubted by Tribunal. – See more at: http://taxguru.in/income-tax-case-laws/itat-doubts-exemption-54ec-allowed-bombay-hc-ace-builder-shortterm-capital-gains-computed-50.html#sthash.ggzXdKAf.dpuf
Over 3 crore court cases pending across country
NEW DELHI: Concerned over a backlog of more than three crore cases in courts across the country, Chief Justice of India H L Dattu has asked the Chief Justices of all High Courts to ensure expeditious disposal of cases pending for five years or more.
A Supreme Court official said that the CJI has written a letter to all High Court Chief Justices asking them to look into the dockets of cases pending for five or more years in subordinate judiciary of all states.
According to data available with the apex court, the number of pending cases with the Supreme Court is 64,919 as on December 1, 2014.
The data available for the 24 High Courts and lower courts up to the year ending 2013 showed pendency of 44.5 lakhs and whopping 2.6 crores, respectively.
Of the over 44 lakh cases pending in the 24 high courts of the country, 34,32,493 were civil and 10,23,739 criminal.
The maximum pendency of civil and criminal cases together was in Allahabad High Court with 10,43,398 cases while the minimum was in Sikkim with 120 cases pending at the end of 2013. The Delhi High Court had a total of 64,652 cases pending before it.
As per the data, the Allahabad High Court had the maximum number of pending criminal cases – 3,47,967.
Of the 2.6 crore cases pending in lower courts, Uttar Pradesh subordinate judiciary tops the chart with over 56 lakh cases pending by the end of 2013, out of which 41,98,761 are criminal matters.
Delhi district courts recorded a total of 5,22,167 pending cases, including 3,81,615 criminal cases.
The CJI came out with an innovative idea of expeditious disposal of cases by setting up a special “social justice bench” to deal with the pendency of cases having social issues which are on rise and needs specialised approach.
The CJI has also been emphasising on the disposal of petty, compoundable (cases which can be compromised) criminal matters and other civil disputes through Lok Adalats as an alternate dispute resolution mechanism where decisions are arrived at amicably and can’t be appealed against.
Union Minister for Law and Justice D V Sadananda Gowda, also flagged similar concerns and said amendments in law are also required to speed up the disposal process.
Gowda, who was speaking at Bar Council of India on Friday, suggested amending the Motor Vehicles Act, Negotiable Instruments Act and the Arbitration and Conciliation Act to dispose of petty offences, relating to accidents, cheque- bouncing as well as civil suits like family and property disputes and company matters that consume the courts’ precious time.
He said that in order to facilitate expeditious disposal of cases, the government is “seriously thinking” making mandatory pre-trial conferences under which both defence and prosecution lawyers will be asked to refrain themselves from seeking “unwarranted” adjournments.
03 DIRECT TAXES MATTER 0301 Income Tax Reference under Section 257 0302 Appeals under Section 261 of Income Tax Act upon a certificate granted by the High Court 0303 Other matters under Income Tax act, 1961 0304 Cases relating to Excess Profit Tax Act 1940 0305 Business profit tax Act, 1947 0306 Agricultural Income Tax 0307 Reference under Section 27(3)(a) of the Wealth Tax Act, 1957 0308 Appeals under Section 29(1) of the Wealth Tax Act, 1957 upon a certificate granted by the High Court 0309 Gift Tax Act 1958 0310 Property Tax 0311 Valuation 0312 Capital Gains 0313 SLPs relating to Wealth Tax 0314 Income from salaries 0315 Income from House Property 0316 Income from Business/Profession 0317 Income from other sources 0318 Deductions/exemptions 0319 Penalties/Prosecution/Settlement Commission 0320 Re-assessment/Revisional Power/Rectification 0321 CBDT Circular 0322 Registration 0323 Others 0324 Matters relating to recovery of Direct Tax due 04 INDIRECT TAXES MATTERS 0401 Interpretation of the Customs Act, Rules & Regulations Supreme Court of Inda – List of Revised Subject Categories as on 19th March, 2015 3 0402 Interpretation of exemption notification under Customs Act 0403 Interpretation of other notification under Customs Act 0404 Valuation of Goods under the Customs Act 0405 Sales Tax Act (Central & various States) 0406 Cess Acts (Rubber, Coffee, Tea, Sugar, etc.) 0407 Entry Taxes 0408 Motor Vehicles Taxation 0409 Purchase Tax 0410 Licence Fee 0411 Classification under the Indian Tariff Act, 1934 & Customs Tariff Act, 1975 0412 Reference under Section 82C of the Gold Control Act 0413 Hotel Receipts Tax Act 0414 Entertainment Tax 0415 Terminal Tax 0416 Octroi 0417 Valuation 0418 Toll Tax 0419 Interpretation of the Central Excise Act & the rules 0420 Interpretation of exemption notifications under Central Excise Act 0421 Interpretation of other notifications under Central Excise Act 0422 Valuation of goods under the Central Excise Act 0423 Tariff classification under the Central Excise Act, 1944 and Central Excise Tariff Act, 1985 0424 Import/Export Control Act, 1947 0425 Import Control Order 0426 Open General License 0427 Import/Export Policy 0428 Others 0429 Professional Tax 0430 Water & Sewage Tax 0431 Service Tax 0432 Appeals u/s 130 E of Customs Act, 1962 Supreme Court of Inda – List of Revised Subject Categories as on 19th Mar
0433 Appeals u/s 35 L of Central Excise and Salt Act, 1944. 0434 Anti Dumping Duty 0435 Value Added Tax 0436 Matters relating to recovery of Indirect Tax due