ESOP expenditure allowed as FMV difference; long-term capital gain issue sent back for collector rate determination; deferred income additions disallo...
Appeal allowed; impugned order quashed as regulator failed to prove nexus or manipulative scheme; sale genuine - s.12A(a)-(c), Regs 3(a)-(d),4(1),4(2)...
Appellant's ring-back tone service held OIDAR, taxable domestically for 01.07.2012-31.07.2016; liability confirmed, penalties vacated, remanded for re...
ITAT held that the addition of capital gains to the taxpayer's individual assessment was unsustainable and allowed the appeal. The Tribunal found, on the basis of the will, sale deed and bank receipts, that the immovable property was owned and sold by the taxpayer's HUF and trust, not by the taxpayer in his individual capacity; the tax authority failed to rebut these documentary facts. The Tribunal rejected reliance on the mere mention of the taxpayer's PAN on the sale registration as insufficient to establish individual ownership. Consequently, the capital gains could not be taxed in the taxpayer's hands and the addition was set aside.
ITAT held that the addition of capital gains to the taxpayer's individual assessment was unsustainable and allowed the appeal. The Tribunal found, on the basis of the will, sale deed and bank receipts, that the immovable property was owned and sold by the taxpayer's HUF and trust, not by the taxpayer in his individual capacity; the tax authority failed to rebut these documentary facts. The Tribunal rejected reliance on the mere mention of the taxpayer's PAN on the sale registration as insufficient to establish individual ownership. Consequently, the capital gains could not be taxed in the taxpayer's hands and the addition was set aside.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4819 
Join Channel 
