https://www.taxtmi.com/caselaws?id=352307 For computing the holding period of booking rights in immovable property, the relevant date is when a valid and enforceable agreement conferring those rights comes into existence; a preliminary offer letter without complete terms and before the seller acquired title does not create such rights. On that basis, the surplus on surrender of the booking rights was treated as short-term capital gain. Expenditure incurred to maintain business infrastructure was held allowable even though no business receipts were shown during the year, as absence of receipts does not by itself mean business had ceased. The interest set-off claim was remitted for fresh verification of the factual nexus between borrowings and advances. en-us Fri, 08 Dec 2017 00:00:00 +0530 Tue, 12 Dec 2017 12:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=352307 For computing the holding period of booking rights in immovable property, the relevant date is when a valid and enforceable agreement conferring those rights comes into existence; a preliminary offer letter without complete terms and before the seller acquired title does not create such rights. On that basis, the surplus on surrender of the booking rights was treated as short-term capital gain. Expenditure incurred to maintain business infrastructure was held allowable even though no business receipts were shown during the year, as absence of receipts does not by itself mean business had ceased. The interest set-off claim was remitted for fresh verification of the factual nexus between borrowings and advances. Case-Laws Income Tax Fri, 08 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=352307