https://www.taxtmi.com/caselaws?id=330152 The High Court upheld the lower authorities' decisions that no taxable income arose for the respondent-assessee from the sale of residential units. The court affirmed that the shareholder, not the assessee, owned the flats, as the sale involved shares, not assets. The principle of mutuality was deemed legitimate, and the taxation of the shareholder's capital gains on share transfer was upheld. The court found no grounds for interference, as the CIT(A) and Tribunal correctly interpreted ownership of assets and tax implications, leading to the dismissal of the appeal. en-us Mon, 04 Jul 2016 00:00:00 +0530 Thu, 01 Sep 2016 10:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330152 The High Court upheld the lower authorities' decisions that no taxable income arose for the respondent-assessee from the sale of residential units. The court affirmed that the shareholder, not the assessee, owned the flats, as the sale involved shares, not assets. The principle of mutuality was deemed legitimate, and the taxation of the shareholder's capital gains on share transfer was upheld. The court found no grounds for interference, as the CIT(A) and Tribunal correctly interpreted ownership of assets and tax implications, leading to the dismissal of the appeal. Case-Laws Income Tax Mon, 04 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330152