Money laundering property attachment and third-party encumbrance rights clarified; prior bona fide interests enforceable before confiscation, appeals ...
Profiteering in construction services for failure to pass input tax credit resulted in repayment exceeding the commensurate benefit and closure of pro...
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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