Blocked input tax credit for resort construction remains unavailable; interest follows actual utilisation, while delayed payment attracts statutory pe...
Duplicate PAN allocation requires record verification and deactivation reasons before assessment-related transactions can be attributed to an assessee...
Faceless assessment safeguards require requested personal hearings and adequate final show-cause response time, failing which reassessment is required...
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.
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TaxTMI 
TaxTMI 
of 4886 
