Development agreements require legal possession or effective enjoyment for capital gains transfer; permissive possession and deferred consideration de...
Prolonged sterilisation of development rights supports capital-gains treatment, while business-income disallowances cannot govern capital-gains comput...
Additional evidence in transfer pricing dispute leads to fresh examination, while tax deductions, TDS credit, fee and refund interest require verifica...
Category II AIF pass-through taxation preserves non-business income character; investment receipts cannot be reclassified without applying recognised ...
Mutual fund maturity rules require proper rollover, redemption, disclosure, and due diligence; investor gains cannot excuse regulatory breaches or pen...
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.
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