Alternative GST remedy permitted protective writ intervention for ex parte adjudication, preserving independent appellate review of input tax credit d...
Assessment against deceased sole proprietor requires proceedings against the legal representative, rendering prior assessment and appellate orders inv...
Residential waste collection classification under SAC 999423 defeats composite-supply exemption where facilitating goods are not transferred to the lo...
Condonation of delay permits statutory appeal restoration where inadequate service explanation prevented consideration of reassessment and taxable-inc...
The ITAT held that the sum received by the assessee pursuant to settlement and withdrawal of her pending civil suit asserting inheritance rights in immovable property did not constitute a transfer of a capital asset within the meaning of sections 2(14) read with 2(47). Because the court would have determined the assessee's title only upon adjudication, no vested right was transferred; the payment was consideration to obtain an assurance and remove encumbrances on title by preventing further pursuit of estate claims. Consequently the receipt is not taxable as capital gains and the assessee's grounds on this point were allowed, aligning with the DRP's conclusion.
The ITAT held that the sum received by the assessee pursuant to settlement and withdrawal of her pending civil suit asserting inheritance rights in immovable property did not constitute a transfer of a capital asset within the meaning of sections 2(14) read with 2(47). Because the court would have determined the assessee's title only upon adjudication, no vested right was transferred; the payment was consideration to obtain an assurance and remove encumbrances on title by preventing further pursuit of estate claims. Consequently the receipt is not taxable as capital gains and the assessee's grounds on this point were allowed, aligning with the DRP's conclusion.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
Join Channel
TaxTMI 
