https://www.taxtmi.com/caselaws?id=380178 Unearned increase could not be levied merely because a foreign holding company merged and shares in the petitioner were transferred, since a share transfer does not amount to a transfer of the company's assets or of the leased property itself. In the absence of material justifying lifting the corporate veil, the legal form had to be respected, and the demand was quashed. The Court also held that the amount earlier marked for drop was refundable, but declined to award further interest on the refundable sum on the facts. The respondent was directed to compute and refund the admissible amount and execute the conveyance deed without waiting for the refund calculation. en-us Thu, 09 May 2019 00:00:00 +0530 Sat, 15 Jun 2019 17:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=380178 Unearned increase could not be levied merely because a foreign holding company merged and shares in the petitioner were transferred, since a share transfer does not amount to a transfer of the company's assets or of the leased property itself. In the absence of material justifying lifting the corporate veil, the legal form had to be respected, and the demand was quashed. The Court also held that the amount earlier marked for drop was refundable, but declined to award further interest on the refundable sum on the facts. The respondent was directed to compute and refund the admissible amount and execute the conveyance deed without waiting for the refund calculation. Case-Laws Indian Laws Thu, 09 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=380178