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...
Section 179 proceedings against directors require both a reasonable opportunity to reply and foundational allegations in the notice itself. The text explains that where the notice allowed only about two days to respond, the proceedings failed for breach of natural justice and the resulting order and demand were quashed. It also states that if the company is asserted to be a public limited company, the notice must set out facts showing why it should nevertheless be treated as closely held or why the corporate veil should be lifted, including any allegation of an oblique motive to defraud the revenue. Fresh notice and reconsideration were permitted.
Section 179 proceedings against directors require both a reasonable opportunity to reply and foundational allegations in the notice itself. The text explains that where the notice allowed only about two days to respond, the proceedings failed for breach of natural justice and the resulting order and demand were quashed. It also states that if the company is asserted to be a public limited company, the notice must set out facts showing why it should nevertheless be treated as closely held or why the corporate veil should be lifted, including any allegation of an oblique motive to defraud the revenue. Fresh notice and reconsideration were permitted.
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