Assessee was not entitled to claim exemption from capital gains on transfer of rural agricultural land as State Government had notified the said land for establishing industrial park and consequently, the land had become non-agricultural urban land.
Framing of an assessment against a non-existent amalgamating entity was not procedural irregularity but a jurisdictional defect not covered under section 292B, therefore, assessment made by AO was nullity in the eyes of law and the same was liable to be quashed.
In present case there are evidences and material to show that the shareholder company was only a paper company having no source of income, but had made substantial and huge investment in the form of share application money.
Ms CLSA India Private Limited Vs DCIT (ITAT Mumbai) ITAT Mumbai held that AD-Hoc Determination of Arm’s Length ALP) Price By Transfer Pricing Officer (TPO) Not Sustainable in Law. FACTS – Assessee is a subsidiary of Credit Lyonnais Securities Asia, Netherland. Return of assessee was selected for scrutiny and international transaction with its associated enterprise […]
Discover how to account for service concession agreements under Ind AS. Learn about the financial implications and requirements for public-to-private service arrangements.
