Necessary-party requirements limit impleadment of independent entities, while deferred consideration does not create an appealable adverse determinati...
Food supplement classification requires common parlance and authoritative tests, preventing treatment as proprietary Ayurvedic medicines without suppo...
Specified regulatory authority income receives conditional tax exemption, subject to non-commercial activity, unchanged income character, and return f...
Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return-filing...
Input tax credit conditions remain constitutionally valid, with eligible recipient claims considered under GST circulars and retrospective filing dead...
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 4792
Join Channel
TaxTMI 
