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 ...
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...
The substituted definition of "specified sum" in the Explanation to the cash-receipt provision, introduced by the Finance Act, 2023 with effect from 01.04.2023, could not be applied to assessment year 2013-14. The Tribunal held that the Assessing Officer's reliance on that amended definition for cash advances received in a residential project was legally impermissible. As a result, the application of the cash-acceptance provision to the transaction was authority of law, and the consequential penalty for such cash acceptance could not survive; the penalty and appellate orders were quashed.
The substituted definition of "specified sum" in the Explanation to the cash-receipt provision, introduced by the Finance Act, 2023 with effect from 01.04.2023, could not be applied to assessment year 2013-14. The Tribunal held that the Assessing Officer's reliance on that amended definition for cash advances received in a residential project was legally impermissible. As a result, the application of the cash-acceptance provision to the transaction was authority of law, and the consequential penalty for such cash acceptance could not survive; the penalty and appellate orders were quashed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4789
Join Channel
TaxTMI 
