Classification of imported salvaged shaft pieces as ship parts confirmed, reassessment time-barred and appeal allowed restoring original classificatio...
Scope of intermediary status for data hosting services: tribunal finds provider not intermediary, services exported and not taxable, limited remand on...
CENVAT credit availability after omission of Rule 12B in textiles confirmed; late addendum to SCN introducing new grounds held time-barred and invalid...
Export of Wheat Flour and related products subject to online allocation, eligibility criteria, non-transferable six-month authorisations and reporting...
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ITAT held that no "transfer" of capital asset occurred in AY 2015-16 under the sale agreements for three office properties, as only 5-13% of the agreed consideration was received and contractual conditions for transfer, including full payment and handing over of documents/possession, were not fulfilled. Buyers' confirmations corroborated non-payment of full consideration and non-delivery of possession. The Tribunal further accepted that capital gains were correctly offered and assessed in AY 2018-19 when full consideration was received, and the Revenue could not tax the same transaction twice. Accordingly, the addition for capital gains in AY 2015-16 was deleted and the assessee's appeal was allowed.
ITAT held that no "transfer" of capital asset occurred in AY 2015-16 under the sale agreements for three office properties, as only 5-13% of the agreed consideration was received and contractual conditions for transfer, including full payment and handing over of documents/possession, were not fulfilled. Buyers' confirmations corroborated non-payment of full consideration and non-delivery of possession. The Tribunal further accepted that capital gains were correctly offered and assessed in AY 2018-19 when full consideration was received, and the Revenue could not tax the same transaction twice. Accordingly, the addition for capital gains in AY 2015-16 was deleted and the assessee's appeal was allowed.
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