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 ...
In bank tax assessments, the Tribunal held that the opening FCTR (Foreign Currency Translation Reserve) balance could not be taxed under ICDS-VI where the Act taxes only current-year income, and a CBDT circular cannot override sections 4 and 5. It also held that section 115JB does not apply to corresponding new banks, and that section 14A cannot be invoked for securities held as stock-in-trade. Reassessment based only on existing records was invalid for want of fresh tangible material, and an assessment on an amalgamated, non-existing entity was a jurisdictional nullity. The Tribunal further upheld relief on bad debts, refund interest, NPA interest, regulatory payments, perpetual bond interest, HTM premium amortisation, wage revision provision, and depreciation on investments.
In bank tax assessments, the Tribunal held that the opening FCTR (Foreign Currency Translation Reserve) balance could not be taxed under ICDS-VI where the Act taxes only current-year income, and a CBDT circular cannot override sections 4 and 5. It also held that section 115JB does not apply to corresponding new banks, and that section 14A cannot be invoked for securities held as stock-in-trade. Reassessment based only on existing records was invalid for want of fresh tangible material, and an assessment on an amalgamated, non-existing entity was a jurisdictional nullity. The Tribunal further upheld relief on bad debts, refund interest, NPA interest, regulatory payments, perpetual bond interest, HTM premium amortisation, wage revision provision, and depreciation on investments.
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