Petition dismissed; petitioner allowed to submit detailed disclosures and documents for re-consideration; notices for 2019-23 may be adjudicated on me...
Confiscation and duty recovery quashed where licensing records show export obligation discharged; customs lacks jurisdiction absent licence annulment ...
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The ITAT held that no transfer under section 2(47)(v) occurred, rejecting imposition of capital gains under section 45 for AY 2012-13. The tribunal found the purported agreement of sale did not constitute a conveyance deed and in fact no valid agreement of sale was produced; consequently the assessee lacked proprietary title by virtue of that document. The executed power of attorney was held insufficient to effectuate a transfer or to operate as a substitute conveyance deed. On these findings, the ITAT concluded that the revenue could not treat the transaction as a transfer of an immovable capital asset and set aside the assessment insofar as it taxed LTCG.
The ITAT held that no transfer under section 2(47)(v) occurred, rejecting imposition of capital gains under section 45 for AY 2012-13. The tribunal found the purported agreement of sale did not constitute a conveyance deed and in fact no valid agreement of sale was produced; consequently the assessee lacked proprietary title by virtue of that document. The executed power of attorney was held insufficient to effectuate a transfer or to operate as a substitute conveyance deed. On these findings, the ITAT concluded that the revenue could not treat the transaction as a transfer of an immovable capital asset and set aside the assessment insofar as it taxed LTCG.
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