https://www.taxtmi.com/caselaws?id=273891 The High Court dismissed the Tax Appeal brought by the Revenue against the Income Tax Appellate Tribunal's judgment. The Court found no question of law arising from the transactions of purchase and sale of land, rejecting the Revenue's argument that capital gains should apply. Additionally, the Court upheld the Tribunal's decision regarding the taxation of consideration received by the respondent-assessee as a partner of two firms, emphasizing the potential for double taxation if partners were taxed individually for transactions deemed sham. The Court concluded that no legal questions warranted further consideration, leading to the dismissal of the Tax Appeal. en-us Mon, 31 Jul 2017 00:00:00 +0530 Thu, 19 Jul 2018 05:59:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=273891 The High Court dismissed the Tax Appeal brought by the Revenue against the Income Tax Appellate Tribunal's judgment. The Court found no question of law arising from the transactions of purchase and sale of land, rejecting the Revenue's argument that capital gains should apply. Additionally, the Court upheld the Tribunal's decision regarding the taxation of consideration received by the respondent-assessee as a partner of two firms, emphasizing the potential for double taxation if partners were taxed individually for transactions deemed sham. The Court concluded that no legal questions warranted further consideration, leading to the dismissal of the Tax Appeal. Case-Laws Income Tax Mon, 31 Jul 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=273891