Retrospective application of beneficial circulars upheld, binding officers and granting post adjudication relief where adjudication occurred after cir...
Admissibility of Investigation Statements requires witness examination before the adjudicating authority; otherwise statements cannot sustain a penalt...
Transaction value and connected person treatment in excise valuation: proprietary concerns not inter connected undertakings, relief on valuation and c...
Appointment of Registrars as adjudicating officers under Companies Act reallocates territorial jurisdiction and sets appeal route to Regional Director...
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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