Statutory transfer formalities invalidated alleged share and property transfers, while retrospective record manipulation constituted oppression and mi...
Provisional attachment of laundered funds and equivalent-value property sustained, with statutory protection limited to pension, gratuity and providen...
Insolvency moratorium does not shield company officers from cheque dishonour prosecution for liability arising before corporate insolvency proceedings...
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 
