Ratification of resignation acceptance validates separation retrospectively, while withdrawal may be refused through reasoned administrative discretio...
Nature-dependent electricity contracts receive new Ind AS accounting, hedge designation, transition and financial-statement disclosure requirements fr...
Alternative GST remedy permitted protective writ intervention for ex parte adjudication, preserving independent appellate review of input tax credit d...
Assessment against deceased sole proprietor requires proceedings against the legal representative, rendering prior assessment and appellate orders inv...
Residential waste collection classification under SAC 999423 defeats composite-supply exemption where facilitating goods are not transferred to the lo...
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The Tribunal held that a 1991-92 letter of intent did not create enforceable rights in the immovable property because the area and identity of the premises were not finalised and the allotment crystallised only later. Enforceable rights arose only when the share and occupancy documents were issued and the lease deed was executed and registered in financial year 2010-11. The holding period was therefore reckoned from 2010-11, and since the property was sold on 02.04.2012, it was held for less than 36 months. The asset was correctly treated as a short-term capital asset, and the gain was taxable as short-term capital gain; contrary authorities were distinguished on the basis that they involved final or binding allotments.
The Tribunal held that a 1991-92 letter of intent did not create enforceable rights in the immovable property because the area and identity of the premises were not finalised and the allotment crystallised only later. Enforceable rights arose only when the share and occupancy documents were issued and the lease deed was executed and registered in financial year 2010-11. The holding period was therefore reckoned from 2010-11, and since the property was sold on 02.04.2012, it was held for less than 36 months. The asset was correctly treated as a short-term capital asset, and the gain was taxable as short-term capital gain; contrary authorities were distinguished on the basis that they involved final or binding allotments.
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