Co-operative society's mandatory reserve and share capital fixed deposits with banks-interest treated as business income under 80P(2)(a)(iii) deductio...
Income tax reassessment reopening after four years on investigation tip, without s.147 proviso disclosure failure, struck down as borrowed satisfactio...
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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