https://www.taxtmi.com/caselaws?id=238089 Occupancy rights contractually attached to shares were transferred with those shares, and the resulting gain was held taxable in the hands of the shareholders rather than the company. The company had received only construction cost, while the shareholders had offered the income to tax and the transaction was supported by registered agreements and the applicable statutory approvals. As no material showed the arrangement to be a sham or colourable device, the company's legal title to the land did not make the gain assessable in its hands. The first appellate authority's finding was upheld in favour of the assessee. en-us Wed, 05 Jun 2013 00:00:00 +0530 Wed, 16 Oct 2013 06:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=238089 Occupancy rights contractually attached to shares were transferred with those shares, and the resulting gain was held taxable in the hands of the shareholders rather than the company. The company had received only construction cost, while the shareholders had offered the income to tax and the transaction was supported by registered agreements and the applicable statutory approvals. As no material showed the arrangement to be a sham or colourable device, the company's legal title to the land did not make the gain assessable in its hands. The first appellate authority's finding was upheld in favour of the assessee. Case-Laws Income Tax Wed, 05 Jun 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=238089