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Revisionary jurisdiction cannot reopen share capital assessments where adequate inquiry supports a permissible view and no independent error is establ...
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Statutory sanction for delayed reassessment requires approval from the prescribed authority; approval by an inferior authority invalidates jurisdictio...
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Export valuation requires contemporaneous evidence; unrelated invoices cannot prove overvaluation, and dual penalties on firm and partner are impermis...
The ITAT Hyderabad held that the capital asset, as defined in section 2(14) of the Act, must be held by the assessee and not connected with their business or profession. In this case, the land in question was owned and registered in the name of A. Vindhyavali, not the assessee. Therefore, it was not a capital asset in the hands of the assessee, and no addition could be made for capital gains arising from its sale. The AO's reliance on sale deeds was justified as the AO mentioned them in relation to the agricultural land and the sale cum GPA entered by the assessee. The CIT(A) granted relief based on registered documents, which are admissible in law as "documents in rem." The decision was made in accordance with the Transfer of Property Act and did not violate principles of natural justice or Rule 46A of the IT Rules. The deletion of the addition towards capital gains from the land sale was upheld, ruling in favor of the assessee.
The ITAT Hyderabad held that the capital asset, as defined in section 2(14) of the Act, must be held by the assessee and not connected with their business or profession. In this case, the land in question was owned and registered in the name of A. Vindhyavali, not the assessee. Therefore, it was not a capital asset in the hands of the assessee, and no addition could be made for capital gains arising from its sale. The AO's reliance on sale deeds was justified as the AO mentioned them in relation to the agricultural land and the sale cum GPA entered by the assessee. The CIT(A) granted relief based on registered documents, which are admissible in law as "documents in rem." The decision was made in accordance with the Transfer of Property Act and did not violate principles of natural justice or Rule 46A of the IT Rules. The deletion of the addition towards capital gains from the land sale was upheld, ruling in favor of the assessee.
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