Infrastructure facility: energy-efficient public lighting held integral to road projects, qualifying the operator as a developer and eligible for dedu...
Fourth Proviso to Section 153A: extended-period inquiry requires a reasonable, material-based satisfaction that escaped income likely exceeds the thre...
Where a civil court had already declared the registered sale deed void for fraud and non-payment of consideration, no capital gain could be attributed to the assessee merely because the Revenue's appeal against that decree was pending. The ITAT noted that the Assessing Officer made no inquiry with the purchasers about payment of consideration or the source of investment, and no material showed that any sale proceeds were actually received by the assessee. On these facts, a valid transfer and receipt of consideration were absent, so no long-term capital gain arose even on a protective basis. The protective addition was deleted.
Where a civil court had already declared the registered sale deed void for fraud and non-payment of consideration, no capital gain could be attributed to the assessee merely because the Revenue's appeal against that decree was pending. The ITAT noted that the Assessing Officer made no inquiry with the purchasers about payment of consideration or the source of investment, and no material showed that any sale proceeds were actually received by the assessee. On these facts, a valid transfer and receipt of consideration were absent, so no long-term capital gain arose even on a protective basis. The protective addition was deleted.
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