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 ...
Mutual fund maturity rules require proper rollover, redemption, disclosure, and due diligence; investor gains cannot excuse regulatory breaches or pen...
Limitation for penalty proceedings under the second limb of the penalty-limitation provision applied where no assessment proceedings had been initiated for the relevant years. On the stated facts, the penalty notice was issued independently on the basis of a statement recorded in another person's scrutiny proceedings, so the first limb, tied to completion of proceedings in which penalty action was initiated, did not apply. The limitation therefore ran for six months from the end of the month in which penalty action was initiated. The Tribunal treated the penalty orders as time-barred and quashed them, leaving the other grounds open as academic.
Limitation for penalty proceedings under the second limb of the penalty-limitation provision applied where no assessment proceedings had been initiated for the relevant years. On the stated facts, the penalty notice was issued independently on the basis of a statement recorded in another person's scrutiny proceedings, so the first limb, tied to completion of proceedings in which penalty action was initiated, did not apply. The limitation therefore ran for six months from the end of the month in which penalty action was initiated. The Tribunal treated the penalty orders as time-barred and quashed them, leaving the other grounds open as academic.
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