Back
D.K.AGARWAL, T.R.SOOD
Deputy Commissioner of Income-tax – Appellant
Versus
Nusli Neville Wadia – Respondent
T.R. Sood, Accountant Member - These are cross-appeals by the Revenue and assessee and, therefore, they were heard together and are being disposed of by this common order.
ITA No. 4573/Mum./2008 (Revenue’s appeal)
2. In this appeal Revenue has raised the following grounds :
"1.The learned CIT(A) erred in treating the receipt of Rs. 71,63,36,000 received on transfer of land as non-taxable without appreciating the fact that the assessee is not the "residuary legatee" of late Shri E.F. Dinshaw and the control, management and ownership of the properties consisting of the estate of Shri E.F. Dinshaw vests totally with the assessee.
2.The learned CIT(A) ought to have treated the receipts either as short-term capital gain or adventure in the nature of trade."
3. Brief facts of the case are that assessee is an individual and had filed his return of income declaring salary income as well as income from other sources. During assessment proceedings, it was noticed that in the capital account accompanying the return a sum of Rs. 71,63,36,000 was credited. This amount consisted of a sum of Rs. 44.5 crores on account of receipt by way of Government of India bonds and the balance sum of Rs. 27,13
The transfer of a capital asset for the purpose of computing capital gains, under the Income Tax Act, is deemed to occur upon the execution of a registered sale agreement, irrespective of the time wh....
Where an assessee relinquishes a bundle of rights including development, possession, and litigation claims over an entire land parcel under a consolidated judicial settlement, the indexed cost of acq....
An indispensable Tool for Legal Professionals, Endorsed by Various High Court and Judicial Officers
Please visit our Training & Support
Center or Contact Us for assistance
Scan Me!
India’s Legal research and Law Firm App, Download now!
For Daily Legal Updates, Join us on :
Back to top
