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 rectification under section 154 cannot be used to recharacterise survey disclosure accepted in scrutiny assessment as business income into unexplained money under section 69A and taxed under section 115BBE. The amount had been stated during survey as on-money receipts from business activity, credited in the regular books, and accepted in the original section 143(3) assessment as business income. Because changing its character would require fresh factual appraisal and a new determination on section 69A, the issue was debatable and outside the limited scope of rectification. The rectification order was therefore unsustainable.
ITAT held that rectification under section 154 cannot be used to recharacterise survey disclosure accepted in scrutiny assessment as business income into unexplained money under section 69A and taxed under section 115BBE. The amount had been stated during survey as on-money receipts from business activity, credited in the regular books, and accepted in the original section 143(3) assessment as business income. Because changing its character would require fresh factual appraisal and a new determination on section 69A, the issue was debatable and outside the limited scope of rectification. The rectification order was therefore unsustainable.
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