Online bond platforms may offer overseas-regulated products and tax-specific bonds subject to disclosures, compliance safeguards and revised complianc...
Corporate guarantee valuation permits actual ascertainable commission while barring retroactive application and extended-period penalties for bona fid...
Proper-officer jurisdiction under UPGST penalty provisions upheld; participation on merits prevents bypassing the statutory appellate remedy through w...
Transitioned CENVAT credit may validly satisfy mandatory pre-deposit requirements for legacy service tax appeals through Electronic Credit Ledger debi...
Building-plan sanction charges require statutory authority; unauthorised fees and GST were quashed, while labour cess must follow prescribed collectio...
Pure-agent exclusion fails where hotel booking facilitators receive third-party services themselves, making entire customer consideration taxable as r...
Characterization of receipt - amount received by the appellant upon retirement from the partnership - taxability as capital gains under the Income Tax or not? - The High Court agrees with the appellant's argument that the amount received by her upon retirement, being the balance of her capital account in the firm, does not qualify as a transfer for the purpose of capital gains taxation. It concurs with the principle that the adjustment of rights of partners in a dissolved firm, through the distribution of assets, does not amount to a transfer. - Regarding the receipt of the share value of goodwill, the High Court holds that in the absence of a clear transfer of goodwill to the firm by the appellant, such receipt cannot be taxed as capital gains.
Characterization of receipt - amount received by the appellant upon retirement from the partnership - taxability as capital gains under the Income Tax or not? - The High Court agrees with the appellant's argument that the amount received by her upon retirement, being the balance of her capital account in the firm, does not qualify as a transfer for the purpose of capital gains taxation. It concurs with the principle that the adjustment of rights of partners in a dissolved firm, through the distribution of assets, does not amount to a transfer. - Regarding the receipt of the share value of goodwill, the High Court holds that in the absence of a clear transfer of goodwill to the firm by the appellant, such receipt cannot be taxed as capital gains.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4800
Join Channel
TaxTMI 
