Commitment proceedings gain extended timelines, structured defect refiling, and automatic resumption of inquiry after the adjusted completion period e...
Centralised assessment transfer becomes unwarranted once the searched person's assessment is complete, requiring restoration to the appropriate charge...
A development agreement did not trigger a taxable transfer under the capital gains provisions because the possession granted was only for limited development purposes and not possession in the nature contemplated by section 53A of the Transfer of Property Act. The Tribunal also found no material to show receipt of any consideration, monetary or otherwise, in the year of execution. Applying the binding High Court ruling in Smt. Shantha Vidyasagar Annam, it held that the essential conditions for transfer under section 45 were absent, so no long-term capital gains arose in the relevant year and the addition was deleted.
A development agreement did not trigger a taxable transfer under the capital gains provisions because the possession granted was only for limited development purposes and not possession in the nature contemplated by section 53A of the Transfer of Property Act. The Tribunal also found no material to show receipt of any consideration, monetary or otherwise, in the year of execution. Applying the binding High Court ruling in Smt. Shantha Vidyasagar Annam, it held that the essential conditions for transfer under section 45 were absent, so no long-term capital gains arose in the relevant year and the addition was deleted.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4824 
Join Channel 
