#section 45

Sale of Illegal property will not have capital gain

Sale of Illegal property will not have capital gain

Illegally encroached land is not a capital asset; profit arising on its sale is taxable as income from other source

Property illegally encroached by assessee would not be considered as ‘Capital asset’ under section 2(14) and, consequently, gain arising from transfer of such property could not be assessed as capital gain but as income from other…

Bombay High Court held that when the assets of the partnership is transferred to a retiring partner, the partnership which is assessable to tax ceases to have a right or its right in the property stands extinguished in favour of the partner to whom it is…

Right now I’m at Z’otz on Oak Street working on schoolwork and trying to catch up on things in the world. Z’otz is one of my favorite places in the South—it has a very Berkeley vibe that I adore, and is all-around a very punk place. Reminds me of fun times as a freshman at 924 Gilman, though Z’otz is a lot cleaner…the vibe is the same. :)

The first coffeehouse post comes from Highland Coffees in Baton Rouge, Louisiana, across the street from the LSU campus.

I had an iced mocha with a Ghirardelli dark chocolate and mint square. A great way to spend a Sunday afternoon. :) I prefer my mochas to be a little heavier on the chocolate than Highland's are, but getting the mint square helped to balance it out.

I arrived in Baton Rouge yesterday to help with the Alpha Epsilon Chapter's Eggstravaganza, a fundraiser for several organizations including the Boys & Girls Club. I ended up with a sunburn, but otherwise had a great time. I'll be staying for their chapter meeting tonight.