International transaction characterisation of domestic divestment of support services business rejected; transaction between resident associated enter...
Minimum Import Price restrictions for Black Pepper, Areca-nuts and Apples upheld; procedural laying failure not fatal, notifications to be placed befo...
Transaction value between related persons requires market-equivalent pricing; importer must prove declared value mirrors ordinary international trade ...
Classification of exported insecticides under export tariff affirmed; reclassification and related penalties set aside and MEIS scrip jurisdiction rec...
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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