Transaction value rejection requires reliable corroboration; refundable VAT is excluded and temporary registration does not defeat new-vehicle exempti...
Appellate jurisdiction remains available where a wrist-worn gold ornament cannot conclusively be characterised as imported baggage at the preliminary ...
Written complaint requirement bars cognizance on police reports for securities offences, while unsupported breach of trust and cheating allegations fa...
Risk-based postal import clearance standardises electronic assessment, document requests, duty realisation and delivery controls at Foreign Post Offic...
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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.
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