Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
Tax exemption for specified legal-services authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4788
Join Channel
TaxTMI 
