Arrest safeguards and transit remand requirements invalidated detention following inter-State transfer without communicated grounds or magistrate auth...
Arrest safeguards require disclosed grounds, relative intimation and transit remand, while duplicate prosecution under the CGST framework is unsustain...
Document Identification Number defects can invalidate GST assessments, with delayed challenges entertained conditionally where patent irregularities e...
Windmill commissioning evidence supported higher depreciation where grid connection and electricity generation proved operational use before the relev...
Pharmaceutical promotion and transfer-pricing comparability principles limited disallowances, while uncorroborated search allegations and unsupported ...
Business expenditure substantiation supports scrap credits, statutory payments and expense claims, while depreciation requires proof of actual busines...
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The ITAT Cochin dealt with a case involving Long Term Capital Gains (LTCG) arising from a Joint Development Agreement (JDA). The tribunal held that the transfer of rights in 62% of the land in exchange for 38% of the developed area constituted a transfer u/s 2(47) of the Act. The delay in project completion did not alter the taxability of the transaction. The transaction with Plasma Developers Ltd. was deemed a transfer u/s 2(47)(vi), attracting capital gains tax for the current year. The capital gain was to be quantified based on the fair market value as of 01.04.2001, indexed under section 48. The sale consideration was to be compared with stamp value as of the transfer date, with the higher amount considered. The burden of proof lay with the assessee, and the AO was directed to decide the matter per a speaking order after allowing the assessee a fair opportunity to present their case.
The ITAT Cochin dealt with a case involving Long Term Capital Gains (LTCG) arising from a Joint Development Agreement (JDA). The tribunal held that the transfer of rights in 62% of the land in exchange for 38% of the developed area constituted a transfer u/s 2(47) of the Act. The delay in project completion did not alter the taxability of the transaction. The transaction with Plasma Developers Ltd. was deemed a transfer u/s 2(47)(vi), attracting capital gains tax for the current year. The capital gain was to be quantified based on the fair market value as of 01.04.2001, indexed under section 48. The sale consideration was to be compared with stamp value as of the transfer date, with the higher amount considered. The burden of proof lay with the assessee, and the AO was directed to decide the matter per a speaking order after allowing the assessee a fair opportunity to present their case.
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