Eligibility for exemption depends on strict construction of the product description; reapers without binder are ineligible, but confiscation and penal...
Customs jurisdiction defined for Principal Commissioner, Vishakhapatnam, covering specified ports, districts and India's adjacent EEZ; effective on pu...
The article examines whether a flat allotted on surrender of tenancy rights was taxable as income under the residuary receipt provision or constituted consideration for transfer of a capital asset entitling the taxpayer to residential property exemption. On the facts, documentary and statutory verification established genuine continuous tenancy and rejected a sham finding. The surrender of tenancy rights was held a transfer of a capital asset, the flat allotment constituted consideration for that transfer and therefore attracted capital gains treatment rather than residuary income taxation. The investment in the allotted residential flat met the conditions for exemption under the residential property exemption provision.
The article examines whether a flat allotted on surrender of tenancy rights was taxable as income under the residuary receipt provision or constituted consideration for transfer of a capital asset entitling the taxpayer to residential property exemption. On the facts, documentary and statutory verification established genuine continuous tenancy and rejected a sham finding. The surrender of tenancy rights was held a transfer of a capital asset, the flat allotment constituted consideration for that transfer and therefore attracted capital gains treatment rather than residuary income taxation. The investment in the allotted residential flat met the conditions for exemption under the residential property exemption provision.
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