Inherited property sale proceeds require capital-gains treatment where ownership is supported by evidence, not suspicion or unverified signature doubt...
Cross-examination of retracted statements is essential where foundational evidence supports a benami allegation and documented funding explanations re...
Capital-goods exemption covers plant-modernisation accessories, while the import restriction applies only to earlier capital-goods components and spar...
Constitutional judicial review permits challenges to ECIRs and connected money-laundering proceedings where coercive action affects fundamental intere...
The HC held that handing over possession of land to a developer for construction purposes under a development agreement, without actual transfer of ownership or payment of consideration, does not constitute a 'transfer' u/s 2(47) of the Income Tax Act to attract capital gains tax. The performance guarantee amount is refundable and not consideration. The HC distinguished the cases of Potla Nageswara Rao and Arvind S Phake, where transfer was complete with possession handover and consideration payment. The Tribunal's finding that the assessee handed over full possession for 60% constructed area and was liable for capital gains during the relevant year was held perverse.
The HC held that handing over possession of land to a developer for construction purposes under a development agreement, without actual transfer of ownership or payment of consideration, does not constitute a 'transfer' u/s 2(47) of the Income Tax Act to attract capital gains tax. The performance guarantee amount is refundable and not consideration. The HC distinguished the cases of Potla Nageswara Rao and Arvind S Phake, where transfer was complete with possession handover and consideration payment. The Tribunal's finding that the assessee handed over full possession for 60% constructed area and was liable for capital gains during the relevant year was held perverse.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4788
Join Channel
TaxTMI 
