All appeals dismissed; finding of anti-competitive bid-rigging upheld under Sections 3(3)(c), 3(3)(d) read with 3(1); cease-and-desist and total-turno...
Central Government notifies 11.541-hectare Special Economic Zone for semiconductor manufacturing; Approval Committee constituted, ICD status effective...
Page of 4826
Press 'Enter' after typing page number.
10241 to 10260 of 96510 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4826 
Join Channel 
