Embezzlement losses in charitable institutions remain allowable when misappropriation is established, irrecoverable, and not a specified-person benefi...
National long-distance undertaking status supports deduction where separately licensed infrastructure, resources, revenue, and expenditure establish c...
Agency reimbursement income follows contractual deposit-liability computation, while pending deposit collections do not constitute deemed-dividend loa...
Membership-consent thresholds for oppression petitions are satisfied by unchallenged voter-list consents, while unsupported forgery claims require pro...
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 
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