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...
Advance-ruling mechanism governs pending GST classification, exemption and taxability disputes, limiting writ review once the specialised forum functi...
For property devolving on a beneficiary upon dissolution of a private family trust, the previous owner's holding period must be included where the previous owner's cost is adopted under section 49(1). Explanation 1(b) to section 2(42A) requires that deemed holding period to determine whether the asset is long-term; the properties therefore qualify as long-term capital assets. The same holding period applies to indexed cost of acquisition, which must be computed from the year in which the previous owner first held the property. Gains on the sale of such devolved immovable properties are accordingly taxable as long-term capital gains, and the related addition was deleted.
For property devolving on a beneficiary upon dissolution of a private family trust, the previous owner's holding period must be included where the previous owner's cost is adopted under section 49(1). Explanation 1(b) to section 2(42A) requires that deemed holding period to determine whether the asset is long-term; the properties therefore qualify as long-term capital assets. The same holding period applies to indexed cost of acquisition, which must be computed from the year in which the previous owner first held the property. Gains on the sale of such devolved immovable properties are accordingly taxable as long-term capital gains, and the related addition was deleted.
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