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 ...
ITAT held that enhanced tax under Section 115BBE did not apply, following S.M.I.L.E. Microfinance Ltd., and the Revenue's challenge on that point failed. It also deleted the Section 68 addition because the impugned credit was supported by additional evidence showing a journal entry transferring a retiring partner's existing capital balance to an unsecured loan account, with no cash movement. The Tribunal found that the appellate authority had ignored the partner's capital account and ledger material, and that a mere book transfer of capital into unsecured loan did not constitute an unexplained cash credit. The assessee's appeal was allowed.
ITAT held that enhanced tax under Section 115BBE did not apply, following S.M.I.L.E. Microfinance Ltd., and the Revenue's challenge on that point failed. It also deleted the Section 68 addition because the impugned credit was supported by additional evidence showing a journal entry transferring a retiring partner's existing capital balance to an unsecured loan account, with no cash movement. The Tribunal found that the appellate authority had ignored the partner's capital account and ledger material, and that a mere book transfer of capital into unsecured loan did not constitute an unexplained cash credit. The assessee's appeal was allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
