Online bond platforms may offer overseas-regulated products and tax-specific bonds subject to disclosures, compliance safeguards and revised complianc...
Corporate guarantee valuation permits actual ascertainable commission while barring retroactive application and extended-period penalties for bona fid...
Proper-officer jurisdiction under UPGST penalty provisions upheld; participation on merits prevents bypassing the statutory appellate remedy through w...
Transitioned CENVAT credit may validly satisfy mandatory pre-deposit requirements for legacy service tax appeals through Electronic Credit Ledger debi...
Building-plan sanction charges require statutory authority; unauthorised fees and GST were quashed, while labour cess must follow prescribed collectio...
Pure-agent exclusion fails where hotel booking facilitators receive third-party services themselves, making entire customer consideration taxable as r...
The assessee, an NRI and resident of USA, transferred a capital asset and derived capital gain. The asset comprised rights and interests acquired through an assignment deed executed in USA. The Assessing Officer treated the gain as short-term, restricting the holding period to less than 24 months based on an employment agreement. However, the Tribunal held that since no shares were delivered to the assessee, the capital asset did not qualify as shares/securities of an Indian company u/s 2(42A). As the asset was held for less than 36 months, it was rightly treated as short-term. Regarding taxability in India u/s 9(1)(i), the Tribunal held that the situs of the capital asset was in USA, where the assignment deed was executed, and the termination agreement specified California courts' jurisdiction. Therefore, the capital gain derived from transfer of the asset situated outside India was not taxable in India. However, as the assessee had voluntarily filed a return offering the gain as long-term, the Tribunal directed the AO to accept the capital gain offered in the return.
The assessee, an NRI and resident of USA, transferred a capital asset and derived capital gain. The asset comprised rights and interests acquired through an assignment deed executed in USA. The Assessing Officer treated the gain as short-term, restricting the holding period to less than 24 months based on an employment agreement. However, the Tribunal held that since no shares were delivered to the assessee, the capital asset did not qualify as shares/securities of an Indian company u/s 2(42A). As the asset was held for less than 36 months, it was rightly treated as short-term. Regarding taxability in India u/s 9(1)(i), the Tribunal held that the situs of the capital asset was in USA, where the assignment deed was executed, and the termination agreement specified California courts' jurisdiction. Therefore, the capital gain derived from transfer of the asset situated outside India was not taxable in India. However, as the assessee had voluntarily filed a return offering the gain as long-term, the Tribunal directed the AO to accept the capital gain offered in the return.
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