Ratification of resignation acceptance validates separation retrospectively, while withdrawal may be refused through reasoned administrative discretio...
Nature-dependent electricity contracts receive new Ind AS accounting, hedge designation, transition and financial-statement disclosure requirements fr...
Alternative GST remedy permitted protective writ intervention for ex parte adjudication, preserving independent appellate review of input tax credit d...
Assessment against deceased sole proprietor requires proceedings against the legal representative, rendering prior assessment and appellate orders inv...
Residential waste collection classification under SAC 999423 defeats composite-supply exemption where facilitating goods are not transferred to the lo...
Assessee surrendered allotment of flats, received refund from builder, and claimed long-term capital loss. Held: Assessee acquired 'right to acquire' flats, a capital asset. Surrender of this right constitutes transfer, attracting capital gains computation. Section 50C and 56(2)(X) inapplicable as transfer involved 'right', not land/building. Capital loss carry forward allowed. Penalty under 271(1)(c) not imposable for withdrawing expense claim voluntarily before confrontation by AO, as it would discourage return defect disclosure and violate fairness in tax administration when interest on differential tax paid. Assessee's honesty cannot attract penalties. ITAT allowed assessee's appeal.
Assessee surrendered allotment of flats, received refund from builder, and claimed long-term capital loss. Held: Assessee acquired 'right to acquire' flats, a capital asset. Surrender of this right constitutes transfer, attracting capital gains computation. Section 50C and 56(2)(X) inapplicable as transfer involved 'right', not land/building. Capital loss carry forward allowed. Penalty under 271(1)(c) not imposable for withdrawing expense claim voluntarily before confrontation by AO, as it would discourage return defect disclosure and violate fairness in tax administration when interest on differential tax paid. Assessee's honesty cannot attract penalties. ITAT allowed assessee's appeal.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4809 
Join Channel 
