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...
ITAT held that where immovable property is gifted by a spouse to the other without adequate consideration, s.64(1)(iv) applies and income arising on subsequent transfer (including capital gains) is taxable in the hands of the transferor spouse, not the recipient. The tribunal distinguished "adequate consideration" from "good consideration" (love and affection) and confirmed that absence of consideration triggers attribution of income to the donor. Consequently, the capital gain on sale of the gifted agricultural land is chargeable to the husband (donor) and not to the wife (recipient); the appeal in favour of the assessee succeeds.
ITAT held that where immovable property is gifted by a spouse to the other without adequate consideration, s.64(1)(iv) applies and income arising on subsequent transfer (including capital gains) is taxable in the hands of the transferor spouse, not the recipient. The tribunal distinguished "adequate consideration" from "good consideration" (love and affection) and confirmed that absence of consideration triggers attribution of income to the donor. Consequently, the capital gain on sale of the gifted agricultural land is chargeable to the husband (donor) and not to the wife (recipient); the appeal in favour of the assessee succeeds.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
