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...
Taxation of a trust created under a Will turned on the principle of consistency: where the Department had accepted the same Will and Indenture of Declaration of Trust in a subsequent year, and there was no change in facts or law, the Revenue could not take a contrary stand for the year in issue. The Tribunal also held that its appellate powers were not confined by rectification limits and that correct tax liability could be determined on the material before it. The CIT(A)'s order was set aside and the AO was directed to apply the individual rate, subject to verification that the trust was the same trust earlier accepted, with consequential interest recomputation.
Taxation of a trust created under a Will turned on the principle of consistency: where the Department had accepted the same Will and Indenture of Declaration of Trust in a subsequent year, and there was no change in facts or law, the Revenue could not take a contrary stand for the year in issue. The Tribunal also held that its appellate powers were not confined by rectification limits and that correct tax liability could be determined on the material before it. The CIT(A)'s order was set aside and the AO was directed to apply the individual rate, subject to verification that the trust was the same trust earlier accepted, with consequential interest recomputation.
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