Tax implications of transactions which are void ab initio

Anand Desai (CA, CPA) (70 Points)

10 January 2012  

Hello Everybody, 

Query:

What will be a tax implication of a transaction which is adjugded as Void ab initio (or even cancelled for that matter) in succeeding AY of the relevant AY.

 

Regarding the query:

I had come across a similar query few days back which involved transfer of property. Hence, i have generalised the question to include various scenarios.