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...
The issue involved taxing capital gains from a development agreement in multiple years. The court held the same income cannot be taxed twice and set aside the addition subject to verification.
The Tribunal held reopening valid as tangible material showed undisclosed capital gains. It ruled that execution of a registered sale deed triggers tax liability even if consideration is disputed.
The issue was whether a Joint Development Agreement (JDA) constituted transfer triggering capital gains. The tribunal held no taxable transfer occurred as rights were unsettled due to partition disputes and lack of finality.
The Tribunal held that tenancy supported by rent receipts, bills, and agreements cannot be treated as a sham. It upheld exemption under Section 54F on surrender of tenancy rights.
The Tribunal held that transfer took place in 2000 upon execution of a registered development agreement and receipt of full consideration, not in 2008 when the sale deed was executed.
The ITAT held that for a builder following the project completion method, income arises on handing over possession and not merely on registration of sale agreement. The addition of entire sale consideration under Section 2(47) was ruled unsustainable.
The High Court held that TCS under Section 206C(1C) applies only to lease or licence holders paying royalty, not to offenders paying compounding fines. ITAT’s demand of TCS, interest, and penalty was set aside.
ITAT ruled that property transferred under a bona fide family settlement is outside the scope of Section 56(2)(vii). Such arrangements are not treated as taxable gifts even if formalised through a gift deed.
Since the reassessment notice was barred by limitation, the tribunal did not examine capital gains issues on merits. The ruling confirms that jurisdictional defects override substantive tax disputes.
The dispute concerned whether transfer through a release deed amounted to a taxable sale and justified loss claims. The Tribunal remanded the matter, directing verification of books to examine the genuineness of the claimed loss.
