Case Law Details
Case Name : Arun Malhotra Vs CIT (Delhi High Court)
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All High Courts Delhi High Court
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Arun Malhotra Vs CIT (Delhi High Court)
Interpreting sub-section (1) to Section 52 in K.P. Varghese (supra), it was held that the said provision applies where an assessee transfers a capital asset in respect of which (i) the transferee was a person directly or indirectly connected with the assessee; and (ii) the Assessing Officer has reasons to believe that the transfer was given effect with the object of avoid or reduce liability of the assessee to tax on capital gains. When the two conditions were satisfied, the fair market value of the capital asset on the date of transfer was to be taken a...
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INSTANT
An instance in which the itat Bench is seen to have, regrettably so, according to its own convoluted thinking and illogical reasons, – to say the least- revisited an issue of a fundamental nature, though not warranted even remotely, settled long ago by the SC in the age-old famous KP Verghese case.
That bears on its sleeves the reality that the Revenue- despite repeated admonitions made / structures passed by courts frequently- has yet to make up its mind not to impudently go on persisting in and pursuing disputes and litigation, with no serious thoughts given, at the cost to the Exchequer, just for the heck/fancy of it ?! Ih short, it is a national tragedy that the FM and / or the highest Executive authority have failed to monitor and have an effective control in such purely administrative functions- anyone to disagree except to agree ?