Pure reimbursement without income element escapes tax withholding, while delayed withholding and unsupported provisions face deferred or renewed scrut...
Public benefit requirement defeats charitable registration where residents' association services are reciprocal, member-only facilities governed by mu...
Exempt-income expenditure disallowance is confined to investments that actually generated exempt income, while supported business expenses remain dedu...
Objective characteristics and principal use govern mining-tyre classification, while fresh advance ruling applications may rely on additional technica...
Administrative fraud classification suspension does not halt independent criminal investigation or warrant-based searches into alleged economic offenc...
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The ITAT allowed the appellant's appeal, holding that the consideration received on sale of shares constituted capital gains rather than business income; s.28(va) did not apply because no distinct non-compete consideration was allocated and the vendor was not engaged in the target company's business. The Tribunal relied on family-transaction parity and precedent treating similar transfers as capital gains. The AO was directed to compute long-term capital gain on the aggregate sale consideration of Rs. 18.42 crore (12389 shares × Rs.14,869), to verify entitlement to deductions under ss.54F and 54EC and any set-off of capital losses, and to grant relief in accordance with law. Appeal allowed.
The ITAT allowed the appellant's appeal, holding that the consideration received on sale of shares constituted capital gains rather than business income; s.28(va) did not apply because no distinct non-compete consideration was allocated and the vendor was not engaged in the target company's business. The Tribunal relied on family-transaction parity and precedent treating similar transfers as capital gains. The AO was directed to compute long-term capital gain on the aggregate sale consideration of Rs. 18.42 crore (12389 shares × Rs.14,869), to verify entitlement to deductions under ss.54F and 54EC and any set-off of capital losses, and to grant relief in accordance with law. Appeal allowed.
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