Restriction of Input Tax Credit under Rule 86A applies only to fraudulently or ineligible availed credit; mere wrongful recipient availment is insuffi...
Business reorganisation requires recognition of successor's modified return; draft orders against dissolved transferor quashed and fresh review direct...
Pre-commencement R&D deduction denied where business had not commenced; deeming benefit requires tangible start of manufacture or commercial exploitat...
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On sale of redeveloped premises received in exchange for surrendered tenancy rights, the stated legal position is that the property was not acquired for nil cost merely because no cash changed hands. Valuable tenancy rights are themselves a capital asset, so their fair market value on surrender can be taken as the cost of acquisition for computing capital gains on the later transfer of the premises received in exchange. Treating the cost as nil was said to tax gross sale proceeds rather than real gain. The matter was to be recomputed on that basis, including whether the resulting gain was short-term or long-term by reference to the holding period.
On sale of redeveloped premises received in exchange for surrendered tenancy rights, the stated legal position is that the property was not acquired for nil cost merely because no cash changed hands. Valuable tenancy rights are themselves a capital asset, so their fair market value on surrender can be taken as the cost of acquisition for computing capital gains on the later transfer of the premises received in exchange. Treating the cost as nil was said to tax gross sale proceeds rather than real gain. The matter was to be recomputed on that basis, including whether the resulting gain was short-term or long-term by reference to the holding period.
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