Interactive flat panels meeting automatic data processing conditions are distinguished from monitors, while later classification clarifications apply ...
Statutory transfer formalities invalidated alleged share and property transfers, while retrospective record manipulation constituted oppression and mi...
Provisional attachment of laundered funds and equivalent-value property sustained, with statutory protection limited to pension, gratuity and providen...
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 4816 
Join Channel 
