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...
The pre-2001 Karnataka sales tax exemption for sugar covered imported sugar because the reference to the Additional Duties of Excise Act identified the commodity without imposing an origin-based limitation. The 2001 amendment restricting the exemption to sugar produced or manufactured in India was substantive and retrospective, but remained within legislative competence and was constitutionally valid. Retrospective taxation could determine the principal tax liability, while penalty was unavailable for transactions previously treated as exempt and interest could apply only from the lawful reassessment demand. Inter-State sales remained governed by the Central Sales Tax Act, including its applicable rate and conditions, requiring recomputation for the relevant period.
The pre-2001 Karnataka sales tax exemption for sugar covered imported sugar because the reference to the Additional Duties of Excise Act identified the commodity without imposing an origin-based limitation. The 2001 amendment restricting the exemption to sugar produced or manufactured in India was substantive and retrospective, but remained within legislative competence and was constitutionally valid. Retrospective taxation could determine the principal tax liability, while penalty was unavailable for transactions previously treated as exempt and interest could apply only from the lawful reassessment demand. Inter-State sales remained governed by the Central Sales Tax Act, including its applicable rate and conditions, requiring recomputation for the relevant period.
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