Charitable trust income application permits verified capital expenditure but rejects deferred pre-operative claims and requires reconsideration of con...
Reinsurance premium deductions require established regulatory breaches, while independently acquired software qualifies within the computer depreciati...
Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Penalty for concealment could not be sustained where short-term capital gains arising from a development agreement were omitted because the year of taxability was then debatable. The Tribunal noted that confirmation of the quantum addition did not, by itself, establish concealment or furnishing of inaccurate particulars. On the legal position prevailing when the return was filed, taxability could depend on execution of the agreement, performance by the developer, or completion and handing over of the constructed property. The penalty was therefore held to have been levied without proper appreciation of the legal uncertainty and was deleted.
Penalty for concealment could not be sustained where short-term capital gains arising from a development agreement were omitted because the year of taxability was then debatable. The Tribunal noted that confirmation of the quantum addition did not, by itself, establish concealment or furnishing of inaccurate particulars. On the legal position prevailing when the return was filed, taxability could depend on execution of the agreement, performance by the developer, or completion and handing over of the constructed property. The penalty was therefore held to have been levied without proper appreciation of the legal uncertainty and was deleted.
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