Handicraft job work receives concessional GST only for registered principals and predominantly handmade goods; commercial resin articles remain taxabl...
Reassessment disclosure requirements permit stated reasons without revealing information sources, but prior-taxation claims require full examination b...
Independent assessment discretion and corroborated electronic evidence determine validity of on-money additions and undisclosed-consideration assessme...
The ITAT held that the addition of capital gains income in AY 2015-16 was unsustainable as the original transfer of land by the assessee and family members to TTCIPL occurred on 19.04.2010 and was already assessed for AY 2011-12. The subsequent sale deed dated 16.03.2015, involving the same land and survey number, represented a sale by the original buyer, not a fresh transfer by the assessee. The assessee's name appearing in the later deed only confirmed the chain of title and did not trigger new capital gains liability. The Tribunal noted inconsistent treatment by the Revenue in similar cases and found no basis for reassessment under Section 147 for the later year. Consequently, the capital gains addition for AY 2015-16 was deleted and the assessee's appeal allowed.
The ITAT held that the addition of capital gains income in AY 2015-16 was unsustainable as the original transfer of land by the assessee and family members to TTCIPL occurred on 19.04.2010 and was already assessed for AY 2011-12. The subsequent sale deed dated 16.03.2015, involving the same land and survey number, represented a sale by the original buyer, not a fresh transfer by the assessee. The assessee's name appearing in the later deed only confirmed the chain of title and did not trigger new capital gains liability. The Tribunal noted inconsistent treatment by the Revenue in similar cases and found no basis for reassessment under Section 147 for the later year. Consequently, the capital gains addition for AY 2015-16 was deleted and the assessee's appeal allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
