Unlawful outward remittances via Hawala using proforma invoices and electronic records proved; documents admitted, directors penalised, penalties redu...
Attachment of equivalent-value properties as proceeds of crime upheld; preventive attachment order and confirmation sustained; no independent ED reinv...
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ITAT held that execution of the JDA did not constitute a "transfer" under section 2(47)(v) read with section 53A of the Transfer of Property Act, as no consideration, monetary or otherwise, was received or accrued to the assessee during the year of execution, and possession was given only for the limited purpose of development. Relying on the Telangana HC decision in Smt. Shantha Vidyasagar Annam, the Tribunal ruled that the statutory conditions for invoking section 45(1) were not satisfied in the relevant assessment year. Consequently, no LTCG was chargeable, and the addition made on account of alleged long-term capital gains was deleted, deciding the appeal in favour of the assessee.
ITAT held that execution of the JDA did not constitute a "transfer" under section 2(47)(v) read with section 53A of the Transfer of Property Act, as no consideration, monetary or otherwise, was received or accrued to the assessee during the year of execution, and possession was given only for the limited purpose of development. Relying on the Telangana HC decision in Smt. Shantha Vidyasagar Annam, the Tribunal ruled that the statutory conditions for invoking section 45(1) were not satisfied in the relevant assessment year. Consequently, no LTCG was chargeable, and the addition made on account of alleged long-term capital gains was deleted, deciding the appeal in favour of the assessee.
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