Admissibility of electronic evidence bars undervaluation demands where printouts, retracted statements and no cross-examination leave the case unprove...
Limitation in oppression and mismanagement proceedings: prior knowledge of removal and dilution barred the challenge, with valuation directions upheld...
Insolvency professional agency governance rules amended to add nominee directors, tighten independent director eligibility, and regulate managing dire...
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 
TaxTMI 
of 4807 
Join Channel 
