Defined public benefit can retain charitable character; registration renewal requires examining genuine activities and legal compliance, not surplus a...
Capital reduction is distinct from share buy-back, preventing buy-back tax; restructuring interest and related business deductions also survive scruti...
Transfer pricing and tax deductions upheld on established principles, while employee contributions and warranty provisions returned for fresh examinat...
Captive transfer pricing relies on industrial consumer tariffs, while genuine quotations can benchmark effluent treatment transfers under the Other Me...
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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