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...
ITAT held that Section 56(2)(x) cannot be applied retrospectively to a property transfer concluded by agreement in 2010; the tribunal accepted uncontested facts that substantial payments and possession occurred after the 2010 agreement and that subsequent registration in 2018 did not convert the pre-existing transaction into one chargeable under that provision. CIT(A)'s technical dismissal on advance-tax and belated return grounds did not address the substantive legal point. Applying the principle that a provision does not apply to agreements concluded prior to its enactment, the addition under Section 56(2)(x) was deleted and the appeal allowed for AY 2018-19.
ITAT held that Section 56(2)(x) cannot be applied retrospectively to a property transfer concluded by agreement in 2010; the tribunal accepted uncontested facts that substantial payments and possession occurred after the 2010 agreement and that subsequent registration in 2018 did not convert the pre-existing transaction into one chargeable under that provision. CIT(A)'s technical dismissal on advance-tax and belated return grounds did not address the substantive legal point. Applying the principle that a provision does not apply to agreements concluded prior to its enactment, the addition under Section 56(2)(x) was deleted and the appeal allowed for AY 2018-19.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4821 
Join Channel 
