Udai Hospitals Private Ltd Vs ITO (ITAT Hyderabad) -
By virtue of JDA, assessee was parting with a portion of its land and in consideration thereof, was receiving built-up area on the land retained by it which was a transfer within the meaning of section 2(47)(v) however, AO was directed to re-compute the capital gain again by considering only elements which were necessary for the construc...
Read More
CIT Vs Harbour View (Kerala High Court) -
CIT Vs Harbour View (Kerala High Court) We find that the Tribunal went wrong in holding that the possession was not handed over in pursuance of the agreement for sale as contemplated under section 53A of the TP Act. Once the sale agreement comes under the provisions of section 53A of the TP Act, handing […]...
Read More
M/s Mangilall Estates (P) Ltd. Vs. DCIT (ITAT Kolkata) -
Under section 2(47)(v ) any transaction involving allowing of possession to be taken over or retained in part performance of a contract of the nature referred to in section 53A of the 1882 Act would come within the ambit of section 2(47)(v). ...
Read More
M/s Rajasthan Agencies Pvt. Ltd. Vs ITO (ITAT Jaipur) -
Holding period for purpose of transfer u/s 2(47) was to be considered from the time of agreement to sale instead of execution of sale deed...
Read More
CIT Vs. Dr. Arvind S. Phake (Bombay High Court) -
Heard the learned counsel appearing for the appellant. The challenge is to the judgement and order passed by the Income Tax Appellate Tribunal, Pune Bench A at Pune (for short Appellate Tribunal) on 30th April, 2014. The substantial questions of law which are placed into service are the questions which reads thus:...
Read More
Rukiyabanu Gullam Mohiuddin Ahmedji & Anr. Vs CIT (ITAT Mumbai) -
Admittedly, possession of the property was not handed over during assessment year 2008-09 and mere execution of agreement for the development of the property could not amount to transfer under section 2(47) of the Act row with section 53A of the transfer of property Act are satisfied as such there can no transfer be considered in the year...
Read More
We see many big business houses run by second or third generation families with different ideologies or intending to diversify their businesses. Occasionally, it leads to separation of business and to family disputes. While most settle the issues amongst themselves, some families drag them to court....
Read More
Under the existing provisions of the Act, conversion of security from one form to another is regarded as transfer for the purpose of levy of capital gains tax. However, tax neutrality to the conversion of bond or debenture of a company to share or debenture of that company is provided under the section 47. ...
Read More
Y.V. Ramana Vs CIT (ITAT Visakhapatnam) -
In the case of shares of unlisted companies, transfer would take place, only when valid share transfer form in form no. 7B is delivered to the company and endorsed by the Company. Therefore, for effective transfer of shares a mere agreement for transfer of shares is not sufficient, unless it is physically transfer shares by delivery of sh...
Read More
C.S. Atwal Vs CIT (Punjab & Haryana High Court at Chandigarh) -
ITAT held that Section 53A of 1882 Act, by incorporation, stood embodied in section 2(47)(v) of the Act and all the essential ingredients of Section 53A of 1882 Act were required to be fulfilled to attract sec 2(47). In the absence of registration of JDA...
Read More