Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
Specified income of Baddi Barotiwala Nalagarh Development Authority receives conditional tax exemption, retrospectively covering its designated assess...
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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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