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...
Capital gains on transfers of old immovable properties should not be computed by mechanically treating acquisition cost as nil merely because historical records are incomplete. Statutory deductions for acquisition, improvement and transfer expenditure remain relevant, and fair market value at the statutory base date may be used where applicable. Reverse indexation or a time-gap method may help estimate historical value, subject to verification of guidance value, locality, property characteristics, inflation index, enhancement and calculations; the correct cost and capital gains must then be recomputed. Interest under section 234A is compensatory and cannot apply to delay that is not legally attributable to the taxpayer. Where no valid return could legally be filed before reassessment notice, that intervening period should be excluded under lex non cogit ad impossibilia.
Capital gains on transfers of old immovable properties should not be computed by mechanically treating acquisition cost as nil merely because historical records are incomplete. Statutory deductions for acquisition, improvement and transfer expenditure remain relevant, and fair market value at the statutory base date may be used where applicable. Reverse indexation or a time-gap method may help estimate historical value, subject to verification of guidance value, locality, property characteristics, inflation index, enhancement and calculations; the correct cost and capital gains must then be recomputed. Interest under section 234A is compensatory and cannot apply to delay that is not legally attributable to the taxpayer. Where no valid return could legally be filed before reassessment notice, that intervening period should be excluded under lex non cogit ad impossibilia.
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