Enforcement of resolution-plan directions continues without a Supreme Court stay, preventing suspension of redistribution and escrowed-fund distributi...
Third-party ownership claims over attached property require Special Court adjudication where purchasers lack registered sale deeds and bona fides rema...
Pure-agent reimbursements in clearing and forwarding services are excluded from taxable value when qualifying third-party payments are properly record...
Customs relief for Strait of Hormuz maritime disruptions remains available, with existing conditions continuing unchanged through the extended validit...
Consideration received on surrender of tenancy rights was treated as arising from a capital asset, so its taxability had to be examined under Capital Gains. Even where the cost of acquisition was said to be unascertainable or nil, the receipt could not be re-characterised and taxed under the residuary head of Income from Other Sources. The Tribunal relied on the established principle that failure of capital gains computation does not permit shifting a capital receipt to a different head of income, and upheld deletion of the addition. The tenancy and surrender agreements were on record, with no adverse finding on their genuineness.
Consideration received on surrender of tenancy rights was treated as arising from a capital asset, so its taxability had to be examined under Capital Gains. Even where the cost of acquisition was said to be unascertainable or nil, the receipt could not be re-characterised and taxed under the residuary head of Income from Other Sources. The Tribunal relied on the established principle that failure of capital gains computation does not permit shifting a capital receipt to a different head of income, and upheld deletion of the addition. The tenancy and surrender agreements were on record, with no adverse finding on their genuineness.
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