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Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
ITAT held that the transfer of the plot occurred in the previous year relevant to AY 2010-11 (FY 2009-10), since offer, acceptance and consideration were completed in FY 2009-10, payment was made and possession delivered, and the transaction's genuineness was subsequently recorded in a deed. The Tribunal found no contention of unfulfilled conditions and noted the assessee had declared the capital gains in AY 2010-11. Consequently, the disputed capital gains could not be taxed in the later assessment year under consideration. Grounds No. 1 and 2 raised by the assessee were allowed.
ITAT held that the transfer of the plot occurred in the previous year relevant to AY 2010-11 (FY 2009-10), since offer, acceptance and consideration were completed in FY 2009-10, payment was made and possession delivered, and the transaction's genuineness was subsequently recorded in a deed. The Tribunal found no contention of unfulfilled conditions and noted the assessee had declared the capital gains in AY 2010-11. Consequently, the disputed capital gains could not be taxed in the later assessment year under consideration. Grounds No. 1 and 2 raised by the assessee were allowed.
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