Appellate enhancement limits protect against new income sources, while documented credits and prior-year investments resist unexplained-income additio...
Capital-gains exemption for charitable trusts extends to qualifying fixed deposits, while unrecoverable TDS write-offs may constitute income applicati...
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HC ruled that assignment of leasehold rights for an industrial plot, involving transfer of land and constructed buildings to a third party for a lump-sum consideration, does not constitute a taxable supply under GST regulations. The court determined that Section 7(1)(a) of CGST Act, read with Clause 5(b) of Schedule II and Clause 5 of Schedule III, shall not apply to such transactions. Consequently, the transfer is exempt from CGST levy under Section 9 of the CGST Act. The judgment effectively clarifies the tax treatment of leasehold rights transfer in industrial land allocation scenarios, providing significant relief to lessees undertaking such property assignments.
HC ruled that assignment of leasehold rights for an industrial plot, involving transfer of land and constructed buildings to a third party for a lump-sum consideration, does not constitute a taxable supply under GST regulations. The court determined that Section 7(1)(a) of CGST Act, read with Clause 5(b) of Schedule II and Clause 5 of Schedule III, shall not apply to such transactions. Consequently, the transfer is exempt from CGST levy under Section 9 of the CGST Act. The judgment effectively clarifies the tax treatment of leasehold rights transfer in industrial land allocation scenarios, providing significant relief to lessees undertaking such property assignments.
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