Power to receive documentary evidence upheld; documents referred in complaint may be placed on record without amendment where omission was inadvertent...
Proof of foreign public documents requires originals or certified diplomatic/notarial copies; inspection must occur in-magna presence and cross-examin...
Prior Sanction Requirement: absence of prescribed approval invalidates reassessment notice; limitation also bars notice if escaped income below thresh...
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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.
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