Development agreements require legal possession or effective enjoyment for capital gains transfer; permissive possession and deferred consideration de...
Prolonged sterilisation of development rights supports capital-gains treatment, while business-income disallowances cannot govern capital-gains comput...
Additional evidence in transfer pricing dispute leads to fresh examination, while tax deductions, TDS credit, fee and refund interest require verifica...
Category II AIF pass-through taxation preserves non-business income character; investment receipts cannot be reclassified without applying recognised ...
Mutual fund maturity rules require proper rollover, redemption, disclosure, and due diligence; investor gains cannot excuse regulatory breaches or pen...
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Assessee claimed deduction u/s 54F for amount deposited in Capital Gain Account Scheme (CGAS) on transfer of capital asset. Unutilized amount withdrawn from CGAS account in succeeding year cannot be taxed in year of transfer. As per Section 54F(4) proviso, unutilized amount withdrawn from CGAS account is taxable in previous year when three-year period from date of transfer expires. Assessee transferred capital asset on 29.07.2015, so three-year period expired on 29.07.2018 (A.Y. 2019-20). Unutilized Rs. 1 crore withdrawn from CGAS in A.Y. 2019-20 is taxable in that year, not in year of transfer. Authorities erred in taxing Rs. 1 crore as long-term capital gain in year of transfer. Decided in assessee's favor.
Assessee claimed deduction u/s 54F for amount deposited in Capital Gain Account Scheme (CGAS) on transfer of capital asset. Unutilized amount withdrawn from CGAS account in succeeding year cannot be taxed in year of transfer. As per Section 54F(4) proviso, unutilized amount withdrawn from CGAS account is taxable in previous year when three-year period from date of transfer expires. Assessee transferred capital asset on 29.07.2015, so three-year period expired on 29.07.2018 (A.Y. 2019-20). Unutilized Rs. 1 crore withdrawn from CGAS in A.Y. 2019-20 is taxable in that year, not in year of transfer. Authorities erred in taxing Rs. 1 crore as long-term capital gain in year of transfer. Decided in assessee's favor.
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