Current account treatment of overseas tournament services removed most FEMA findings, but excess EEFC remittance and delayed repatriation remained bre...
Modification of bail conditions remains available through inherent jurisdiction where onerous deposits undermine justice and cannot recover disputed d...
Merchant banker regulation consolidates registration, governance, capital, reporting, outsourcing and investor-protection requirements under an update...
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 4817 
Join Channel 
