Maintainability of a Section 7 insolvency petition against a financial service provider denied; appeal dismissed for non maintainability and complex d...
Provisional attachment under Prevention of Money Laundering Act requires exhaustion of statutory remedies; impugned order set aside, appeal to tribuna...
Restoration of property under Prevention of Money Laundering Act after attachment dispute rendered academic; possession directed to successful resolut...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4819 
Join Channel 
