Governmental authority status supports construction-service exemption, while pre-cutoff contract and stamp-duty compliance requires verification on re...
Automated Free Sale and Commerce Certificates enable paperless processing while retaining risk-based manual verification for selected exporter applica...
Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
Whether rights under a buyer/allotment agreement constitute a transfer taxable as capital gains was decided by applying the statutory definitions of capital asset and transfer, with emphasis on clauses covering part performance and transactions enabling enjoyment of immovable property. The Tribunal found the assessee held enforceable rights from allotment and that the executed agreement to sell effected a transfer within the statutory definition; consequently the receipts were assessable under capital gains. The assessee's claimed indexed cost exceeded consideration, producing an allowable long-term capital loss, and the appeal was allowed on that basis.
Whether rights under a buyer/allotment agreement constitute a transfer taxable as capital gains was decided by applying the statutory definitions of capital asset and transfer, with emphasis on clauses covering part performance and transactions enabling enjoyment of immovable property. The Tribunal found the assessee held enforceable rights from allotment and that the executed agreement to sell effected a transfer within the statutory definition; consequently the receipts were assessable under capital gains. The assessee's claimed indexed cost exceeded consideration, producing an allowable long-term capital loss, and the appeal was allowed on that basis.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
