Development agreements require legal possession or effective enjoyment for capital gains transfer; permissive possession and deferred consideration de...
Prolonged sterilisation of development rights supports capital-gains treatment, while business-income disallowances cannot govern capital-gains comput...
Additional evidence in transfer pricing dispute leads to fresh examination, while tax deductions, TDS credit, fee and refund interest require verifica...
Category II AIF pass-through taxation preserves non-business income character; investment receipts cannot be reclassified without applying recognised ...
Transfer of shares to a wholly owned subsidiary was a bona fide commercial reorganisation, not a colourable device, because the Revenue showed no sham, lack of commercial substance, or non-genuineness, and tax benefit alone could not invalidate the transaction. The Tribunal also held that the shares were capital assets and that section 47(iv) exemption applied since the assessee and subsidiary satisfied the statutory ownership conditions. The share valuation challenge failed because the Assessing Officer identified no specific defect in the recognised valuation method, assumptions, or projections. The addition was deleted.
Transfer of shares to a wholly owned subsidiary was a bona fide commercial reorganisation, not a colourable device, because the Revenue showed no sham, lack of commercial substance, or non-genuineness, and tax benefit alone could not invalidate the transaction. The Tribunal also held that the shares were capital assets and that section 47(iv) exemption applied since the assessee and subsidiary satisfied the statutory ownership conditions. The share valuation challenge failed because the Assessing Officer identified no specific defect in the recognised valuation method, assumptions, or projections. The addition was deleted.
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