Reopening of assessment cannot rest solely on an audit party's opinion; reassessment under Section 147/148 is impermissible and power of revision shou...
Tested party selection: functional analysis identified the least complex unit as the appropriate tested party, altering the transfer pricing adjustmen...
Agreement for sale creating an enforceable right and accompanied by substantial advance consideration and irrevocable commitment was held to constitute a transfer under the statutory definition, because it created a right in personam enabling specific performance; consequently the earlier purchase within one year prior to that date qualified for the capital gains exemption on acquisition. The legal test applied emphasised creation of enforceable rights and transfer of possession or rights to enforce the agreement as determinative of the date of transfer and entitlement to exemption.
Agreement for sale creating an enforceable right and accompanied by substantial advance consideration and irrevocable commitment was held to constitute a transfer under the statutory definition, because it created a right in personam enabling specific performance; consequently the earlier purchase within one year prior to that date qualified for the capital gains exemption on acquisition. The legal test applied emphasised creation of enforceable rights and transfer of possession or rights to enforce the agreement as determinative of the date of transfer and entitlement to exemption.
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