Income Tax : Bombay High Court has held that the mere fact that an agreement for sale of property is registered does not make it a conveyance, ...
Income Tax : Designed with the advantages of a flexible organisational structure, perpetual succession, limited liability and tax efficient dis...
Income Tax : We see many big business houses run by second or third generation families with different ideologies or intending to diversify the...
Income Tax : Under the existing provisions of the Act, conversion of security from one form to another is regarded as transfer for the purpose ...
Income Tax : Under clause (vib) of section 47 of the Income-tax Act any capital asset transferred by the demerged company to the resulting comp...
Income Tax : ITAT Hyderabad held capital gains taxable in AY 2016-17 based on the registered sale agreement and rejected the 25.65% ownership c...
Income Tax : Hyderabad ITAT upheld capital gains on a registered sale deed but remanded LTCG computation for fresh verification of the cost of ...
Income Tax : ITAT Mumbai held that consideration for transfer of development rights is taxable as capital gains and directed Section 54EC claim...
Income Tax : ITAT Kolkata condoned appeal delay, set aside the CIT(A)'s order, and remanded the assessment for fresh adjudication after grantin...
Income Tax : ITAT held ₹33 crore settled rights over the entire land, allowing full indexed acquisition cost and rejecting proportionate rest...
ITAT Hyderabad held capital gains taxable in AY 2016-17 based on the registered sale agreement and rejected the 25.65% ownership claim, allowing tax credit.
Hyderabad ITAT upheld capital gains on a registered sale deed but remanded LTCG computation for fresh verification of the cost of acquisition.
ITAT Mumbai held that consideration for transfer of development rights is taxable as capital gains and directed Section 54EC claim to be allowed as per law.
ITAT Kolkata condoned appeal delay, set aside the CIT(A)’s order, and remanded the assessment for fresh adjudication after granting a fair hearing.
ITAT held ₹33 crore settled rights over the entire land, allowing full indexed acquisition cost and rejecting proportionate restriction by the AO.
The Hyderabad Bench emphasized that penalty under Section 271(1)(c) cannot be imposed solely because an addition survives appellate scrutiny. The Revenue must establish deliberate concealment or furnishing of inaccurate particulars.
ITAT deleted the addition after finding that neither possession nor ownership had passed during the relevant assessment year. The decision emphasizes that actual transfer, not mere intention to sell, determines taxability.
The Madras High Court ruled that an unregistered Joint Venture Agreement without actual transfer of possession or consideration could not amount to a transfer under Section 2(47). The Court held that no capital gains tax liability arose for the relevant assessment year.
ITAT Bangalore held that Section 45(5A) applies prospectively and cannot govern JDAs executed before 01.04.2018. Capital gains from older development agreements must be taxed under the law applicable in the year of transfer.
The issue was whether a share transfer without consideration constituted taxable capital gains. The Tribunal held that genuine family realignment is not taxable.
