Minimum Public Offer Requirements set tiered issuer-based allotment minima with mandatory staged public shareholding increases and exchange enforcemen...
Disallowance under tax law for investment expenses cannot be applied mechanically; authority must record clear reasons before increasing assessee's su...
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Capital gains from sale of an immovable property were taxable in the hands of the firm, not the individual partners, because the registered sale deed showed the firm as vendor/owner and income must be assessed in the hands of the "right person" under the Act; hence partners' proportionate disclosures were legally unsustainable and had to be excluded. The asset transferred under the sale deed was only land, not building, so the gains were chargeable as long-term capital gains in the firm's assessment. Taxes paid by partners on the wrongly offered gains were directed to be credited to the firm while computing its tax liability. - ITAT
Capital gains from sale of an immovable property were taxable in the hands of the firm, not the individual partners, because the registered sale deed showed the firm as vendor/owner and income must be assessed in the hands of the "right person" under the Act; hence partners' proportionate disclosures were legally unsustainable and had to be excluded. The asset transferred under the sale deed was only land, not building, so the gains were chargeable as long-term capital gains in the firm's assessment. Taxes paid by partners on the wrongly offered gains were directed to be credited to the firm while computing its tax liability. - ITAT
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