Co-operative credit society deduction on bank deposit interest upheld where funds were business funds and income remained attributable to member credi...
Transfer pricing benchmarking and receivables adjustments remanded: segmental financials need proper scrutiny, and foreign-currency interest must trac...
Land executed under a development agreement-cum-power of attorney was held assessable in the individual owners' hands because legal title vested in them and the documents were executed by them personally, while the asserted partition was treated only as an internal family arrangement and not proof of HUF ownership. The Tribunal further held that the agreement granted the developer only a limited licence to enter for construction, not effective transfer of possession for capital gains purposes, and no non-refundable consideration had been received. As the essential conditions for transfer were not satisfied in the relevant year, the capital gains addition was deleted.
Land executed under a development agreement-cum-power of attorney was held assessable in the individual owners' hands because legal title vested in them and the documents were executed by them personally, while the asserted partition was treated only as an internal family arrangement and not proof of HUF ownership. The Tribunal further held that the agreement granted the developer only a limited licence to enter for construction, not effective transfer of possession for capital gains purposes, and no non-refundable consideration had been received. As the essential conditions for transfer were not satisfied in the relevant year, the capital gains addition was deleted.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4807
Join Channel
TaxTMI 
