Summary
- The Madras High Court dismissed a writ petition by Dr. Arvind Kumar R Shaw, challenging the Income Tax Department's assessment of short-term capital gains from the sale of his Rolls-Royce for ā¹2.44 crore.
- The court held that the delivery of the car and its original documents constituted a completed sale, despite the absence of a registration endorsement and retention of a duplicate key.
- The petitioner was allowed 30 days to appeal the decision, while the court directed the Income Tax Department to auction the car and place proceeds in escrow pending the appeal outcome.
- This ruling could set significant precedents regarding asset transfer and capital gains tax implications in similar cases.
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