Tax Implications Triggered only upon Actual Sale or Transfer of Asset, no Additions shall be made based on Anticipated Future Benefits: ITAT [Read Order]

Tax implications arise only when the asset is actually sold or transferred, no additions can be made based solely on accounting entries anticipating future benefits
By Aiswarya Krishnadas - On August 30, 2024 1:26 pm - 3 mins read
Tax implications asset sale - ITAT ruling tax - Future benefits tax ITAT - Asset transfer tax - taxscan

In a recent Judgement, the Raipur bench of the Income Tax Appellate Tribunal ( ITAT) ruled that tax implications arise only when the asset is actually sold or transferred, no additions can be made based solely on accounting entries anticipating future benefits.The respondent/ assessee, Inder Jaggi, an individual, filed their Return of Income (ROI) for…

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