PMLA anticipatory bail requires satisfaction of twin conditions, while predicate-offence protection does not extend to independent money-laundering pr...
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HC held that the assessee's "booking rights" and the resultant capital asset accrued only on execution of the Buyer's Agreement dated 4.11.2004, not on earlier confirmation correspondence; the confirmation letter explicitly disclaimed any grant of provisional/final allotment or title and thus did not create transferable rights. Accordingly, the date of acquisition for capital gains purposes is the date of the Buyer's Agreement, entitling the assessee to indexation calculated from that acquisition date as applicable, and the challenge did not raise any substantial question of law.
HC held that the assessee's "booking rights" and the resultant capital asset accrued only on execution of the Buyer's Agreement dated 4.11.2004, not on earlier confirmation correspondence; the confirmation letter explicitly disclaimed any grant of provisional/final allotment or title and thus did not create transferable rights. Accordingly, the date of acquisition for capital gains purposes is the date of the Buyer's Agreement, entitling the assessee to indexation calculated from that acquisition date as applicable, and the challenge did not raise any substantial question of law.
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