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 ...
Mutual fund maturity rules require proper rollover, redemption, disclosure, and due diligence; investor gains cannot excuse regulatory breaches or pen...
Threshold exemption excludes exempt services, while stamp-paper purchases avoid reverse charge; consequential service tax penalties were also set asid...
Employee conflict disclosures and investment restrictions expand with new recusal duties, post-employment limits, and compliance reporting requirement...
For AY 2009-10, the pre-amendment position on reference to a Valuation Officer governed the computation of capital gains. Where the assessee adopted the fair market value of the property as on 01.04.1981 on the basis of a registered valuer's report, the Assessing Officer had no authority to make a reference merely to reduce that value. On that footing, the Valuation Officer's report was held irrelevant for recomputing long-term capital gains, and the resulting addition was deleted. The alternate contention on tolerance in sale consideration was not examined because the primary issue was ative.
For AY 2009-10, the pre-amendment position on reference to a Valuation Officer governed the computation of capital gains. Where the assessee adopted the fair market value of the property as on 01.04.1981 on the basis of a registered valuer's report, the Assessing Officer had no authority to make a reference merely to reduce that value. On that footing, the Valuation Officer's report was held irrelevant for recomputing long-term capital gains, and the resulting addition was deleted. The alternate contention on tolerance in sale consideration was not examined because the primary issue was ative.
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