Charitable trust income application permits verified capital expenditure but rejects deferred pre-operative claims and requires reconsideration of con...
Reinsurance premium deductions require established regulatory breaches, while independently acquired software qualifies within the computer depreciati...
Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
