Reversal of input tax credit in proportion to exempt supply: specificity of show-cause notice required; order set aside, fresh proceedings allowed wit...
Benami transaction and beneficial ownership: documentary and circumstantial evidence show payors were true beneficiaries, resulting in PBPTA consequen...
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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