Natural justice in insolvency-professional discipline requires disclosed material; notices based on extraneous material and ignored defences are vitia...
Development rights transfers treated as immovable property, while construction abatement applies and repeated non-payment permits extended service-tax...
Income Disclosure Scheme immunity and search-material requirements barred further share-transaction additions in unabated assessments under section 15...
ITAT dismissed the Revenue's appeal, holding that the immovable properties were "transferred" within the meaning of s. 2(47)(vi) of the Act. The tribunal accepted the appellate authority's finding that the retired partner enjoyed and used the properties for business purposes post-retirement and received the entire sale consideration, establishing beneficial ownership despite registration remaining in the assessee's records. Consequently, capital gains arising from the transfer are assessable in the hands of the retired partner, not the assessee, and the absence of a return disclosing the gain by the retired partner does not justify taxing the assessee. Appeal of the Revenue rejected.
ITAT dismissed the Revenue's appeal, holding that the immovable properties were "transferred" within the meaning of s. 2(47)(vi) of the Act. The tribunal accepted the appellate authority's finding that the retired partner enjoyed and used the properties for business purposes post-retirement and received the entire sale consideration, establishing beneficial ownership despite registration remaining in the assessee's records. Consequently, capital gains arising from the transfer are assessable in the hands of the retired partner, not the assessee, and the absence of a return disclosing the gain by the retired partner does not justify taxing the assessee. Appeal of the Revenue rejected.
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