Service of notice and contractual debt acknowledgment preserved insolvency admission against a corporate guarantor despite limitation and natural just...
Original works exemption excludes standalone boulder transportation, leaving subcontracted railway-project transport services subject to service tax l...
Annual production capacity determinations excluding stenter galleries support refunds for unconstitutional excise levies without an unjust-enrichment ...
Vicarious liability for cheque dishonour requires specific allegations of responsibility and cheque signatory; generic director allegations cannot sus...
IT Resilience Index requires market infrastructure institutions to automate resilience scoring, early warnings, and continuous service-delivery monito...
The ITAT upheld the AO's treatment of relinquishment of rights under a compromise as transfer of a capital asset. The AO calculated capital gains based on the value of land received in lieu of relinquishing rights in litigation. The assessee failed to rebut the AO's findings that properties acquired by other entities were effectively received by the assessee pursuant to the compromise deed to quash criminal proceedings against a third party without the assessee paying anything. The ITAT rejected the assessee's argument of being a purchaser of the immovable property and decided against the assessee.
The ITAT upheld the AO's treatment of relinquishment of rights under a compromise as transfer of a capital asset. The AO calculated capital gains based on the value of land received in lieu of relinquishing rights in litigation. The assessee failed to rebut the AO's findings that properties acquired by other entities were effectively received by the assessee pursuant to the compromise deed to quash criminal proceedings against a third party without the assessee paying anything. The ITAT rejected the assessee's argument of being a purchaser of the immovable property and decided against the assessee.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
