Development agreements require legal possession or effective enjoyment for capital gains transfer; permissive possession and deferred consideration de...
Prolonged sterilisation of development rights supports capital-gains treatment, while business-income disallowances cannot govern capital-gains comput...
Additional evidence in transfer pricing dispute leads to fresh examination, while tax deductions, TDS credit, fee and refund interest require verifica...
Category II AIF pass-through taxation preserves non-business income character; investment receipts cannot be reclassified without applying recognised ...
Penalty under section 43 of the Black Money Act is discretionary, because the word "may" and the requirement of hearing before levy show that non-disclosure of a foreign asset does not automatically attract punishment. Applying the bona fide omission principle, the Tribunal noted that the foreign investment was funded from disclosed mutual fund redemption proceeds remitted through a disclosed bank account under the LRS route, with related income or loss already reported in returns. As there was no undisclosed foreign income, no out-of-books asset, and no mala fide conduct, the failure to complete the relevant Schedule FA disclosure was treated as a technical and venial breach, and the penalties were deleted.
Penalty under section 43 of the Black Money Act is discretionary, because the word "may" and the requirement of hearing before levy show that non-disclosure of a foreign asset does not automatically attract punishment. Applying the bona fide omission principle, the Tribunal noted that the foreign investment was funded from disclosed mutual fund redemption proceeds remitted through a disclosed bank account under the LRS route, with related income or loss already reported in returns. As there was no undisclosed foreign income, no out-of-books asset, and no mala fide conduct, the failure to complete the relevant Schedule FA disclosure was treated as a technical and venial breach, and the penalties were deleted.
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