Courier transshipment of imported goods via named carrier to air cargo stations renewed until 30.01.2026; exemption conditional, strict controls apply...
Insurer's investment gains and investment write-downs face Section 263 revision; enquiry upheld, Rule 5(b)(ii) lapse sustained, late corrigendum quash...
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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