Minimum alternate tax exclusions for pre-amendment banking companies and expatriate Indian branch salaries remain outside head office expenditure limi...
Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
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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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