Foreign portfolio investment liberalisation extends listed equity access to all individual persons resident outside India, subject to limit monitoring...
Unsubstantiated exempt agricultural income claim sustains concealment penalty after disclosure only on departmental detection and no bona fide evidenc...
On a conjoint reading of the conveyance deed and consent terms, the assessee was found to have relinquished all rights, title, interest and possession in the entire larger land, so the consideration was treated as a global settlement for extinguishment of the whole bundle of rights. The Tribunal held that the assessee's development and possessory rights were themselves a capital asset, and their extinguishment amounted to a transfer. As the indexed cost claimed related to those intangible rights, not to ownership of the physical land, restriction of cost by reference only to the portion conveyed was unsustainable. The deletion of the addition was upheld.
On a conjoint reading of the conveyance deed and consent terms, the assessee was found to have relinquished all rights, title, interest and possession in the entire larger land, so the consideration was treated as a global settlement for extinguishment of the whole bundle of rights. The Tribunal held that the assessee's development and possessory rights were themselves a capital asset, and their extinguishment amounted to a transfer. As the indexed cost claimed related to those intangible rights, not to ownership of the physical land, restriction of cost by reference only to the portion conveyed was unsustainable. The deletion of the addition was upheld.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4796
Join Channel
TaxTMI 
