Invoice-based recovery claims remain time-barred despite separate winding-up proceedings, absent valid acknowledgment or part-payment of the disputed ...
Extended limitation fails without specific suppression allegations, while overseas employee secondment remains taxable as manpower supply within norma...
Time-share accommodation classification excludes Club or Association Service where purchasers receive contractual occupancy rights without genuine mem...
CENVAT credit for trading requires reversal, while taxable-service rental credit remains proportionately available and limitation issues await resolut...
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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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