https://www.taxtmi.com/caselaws?id=217506 A corporate transfer of shares and underlying flats was treated as a valid gift where the governing law and constitutional documents permitted such transfer, so the receipt was characterised as a capital receipt outside section 28(iv) and section 56 for the relevant year. The flats were nevertheless held taxable under the head "Income from House Property" because actual business use was not established, and annual letting value was to be recomputed with reference to municipal rateable value. Maintenance charges and depreciation were disallowed accordingly, while the alleged consultancy-fee addition was not sustained as made but required factual verification of the correct receivable amount. en-us Fri, 12 Oct 2012 00:00:00 +0530 Wed, 06 Apr 2016 15:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=217506 A corporate transfer of shares and underlying flats was treated as a valid gift where the governing law and constitutional documents permitted such transfer, so the receipt was characterised as a capital receipt outside section 28(iv) and section 56 for the relevant year. The flats were nevertheless held taxable under the head "Income from House Property" because actual business use was not established, and annual letting value was to be recomputed with reference to municipal rateable value. Maintenance charges and depreciation were disallowed accordingly, while the alleged consultancy-fee addition was not sustained as made but required factual verification of the correct receivable amount. Case-Laws Income Tax Fri, 12 Oct 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=217506