Dependent Agent PE unresolved for lack of factual inquiry; arm's-length distribution accepted; royalty claim rejected; 15% refund interest (Section 24...
Exemption under s.10(23C)(iiiad) upheld; appeal allowed, interest and dividends excluded from annual receipts, disallowance deleted, capital gains exe...
ITAT affirms the order of the Ld. CIT(A) allowing the assessee's claim of exemption under ss. 54F/54EC and holding the entire proceeds as long-term capital gains; the revenue's grounds are dismissed. The Tribunal found no infirmity in CIT(A)'s conclusion that denying exemption would occasion double taxation, noting documentary evidence and prior assessment treatment where no portion was taxed in another person's hands. On the issue of treating 50% as income from other sources, ITAT accepted the assessee's sole-beneficiary status and the evidentiary record substantiating receipt of the entire sale consideration, thereby upholding CIT(A)'s treatment of the full amount as LTCG.
ITAT affirms the order of the Ld. CIT(A) allowing the assessee's claim of exemption under ss. 54F/54EC and holding the entire proceeds as long-term capital gains; the revenue's grounds are dismissed. The Tribunal found no infirmity in CIT(A)'s conclusion that denying exemption would occasion double taxation, noting documentary evidence and prior assessment treatment where no portion was taxed in another person's hands. On the issue of treating 50% as income from other sources, ITAT accepted the assessee's sole-beneficiary status and the evidentiary record substantiating receipt of the entire sale consideration, thereby upholding CIT(A)'s treatment of the full amount as LTCG.
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