https://www.taxtmi.com/caselaws?id=758016 Transfer for capital gains is determined by the date on which consideration is received and possession is handed over under the release deed; a later unilateral declaration cannot postpone the transfer. On that basis, the holding period was under 36 months, so the gain was short-term and section 54 relief was unavailable. The article also notes that a reconciliation supported by TDS and accounting method explained commission and closing balance differences, while cash freight paid above the permitted limit attracted disallowance under section 40A(3). Additions for sales tax-related items and cash deposits were sustained where the assessee failed to prove deductibility, source of funds, and creditor creditworthiness under section 68. en-us Wed, 14 Feb 2024 00:00:00 +0530 Fri, 06 Sep 2024 08:20:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758016 Transfer for capital gains is determined by the date on which consideration is received and possession is handed over under the release deed; a later unilateral declaration cannot postpone the transfer. On that basis, the holding period was under 36 months, so the gain was short-term and section 54 relief was unavailable. The article also notes that a reconciliation supported by TDS and accounting method explained commission and closing balance differences, while cash freight paid above the permitted limit attracted disallowance under section 40A(3). Additions for sales tax-related items and cash deposits were sustained where the assessee failed to prove deductibility, source of funds, and creditor creditworthiness under section 68. Case-Laws Income Tax Wed, 14 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758016