Classification of imported salvaged shaft pieces as ship parts confirmed, reassessment time-barred and appeal allowed restoring original classificatio...
Scope of intermediary status for data hosting services: tribunal finds provider not intermediary, services exported and not taxable, limited remand on...
CENVAT credit availability after omission of Rule 12B in textiles confirmed; late addendum to SCN introducing new grounds held time-barred and invalid...
Export of Wheat Flour and related products subject to online allocation, eligibility criteria, non-transferable six-month authorisations and reporting...
Property received pursuant to a family settlement was held not to constitute a 'transfer' under the definition of transfer and therefore not taxable as deemed income under the provision addressing property received without consideration. The tribunal accepted that the gift deed merely formalised title vesting between members who constituted an HUF, facts which the AO did not contest and which the CIT(A) found established. Consequence: the gift was treated as the formal execution of a family settlement, exempting it from being treated as taxable deemed income.
Property received pursuant to a family settlement was held not to constitute a 'transfer' under the definition of transfer and therefore not taxable as deemed income under the provision addressing property received without consideration. The tribunal accepted that the gift deed merely formalised title vesting between members who constituted an HUF, facts which the AO did not contest and which the CIT(A) found established. Consequence: the gift was treated as the formal execution of a family settlement, exempting it from being treated as taxable deemed income.
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