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...
Section 56(2)(ix) applies only when both statutory conditions coexist: a sum is received as an advance during negotiations for transfer of a capital asset, and the sum is subsequently forfeited because the transfer does not occur. Advances provided for locating, procuring and acquiring land for business projects were characterised as relating to stock-in-trade, rather than a capital asset, and therefore fell outside the provision. Mere lapse of time and absence of a refund claim did not establish forfeiture, particularly where the amounts remained recorded as liabilities and were confirmed by the payers. The addition was consequently deleted, and the Revenue's appeal was dismissed.
Section 56(2)(ix) applies only when both statutory conditions coexist: a sum is received as an advance during negotiations for transfer of a capital asset, and the sum is subsequently forfeited because the transfer does not occur. Advances provided for locating, procuring and acquiring land for business projects were characterised as relating to stock-in-trade, rather than a capital asset, and therefore fell outside the provision. Mere lapse of time and absence of a refund claim did not establish forfeiture, particularly where the amounts remained recorded as liabilities and were confirmed by the payers. The addition was consequently deleted, and the Revenue's appeal was dismissed.
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