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...
For futures and options transactions, turnover for tax-audit purposes is computed under the ICAI Guidance Note by aggregating favourable and unfavourable differences, option-sale premiums, and differences from reverse trades, while treating each purchase-and-sale transaction independently. Applying that method, the assessee's derivatives turnover remained below the threshold for compulsory audit under section 44AB. Consequently, penalty for failure to furnish a tax audit report under section 271B was deleted.
For futures and options transactions, turnover for tax-audit purposes is computed under the ICAI Guidance Note by aggregating favourable and unfavourable differences, option-sale premiums, and differences from reverse trades, while treating each purchase-and-sale transaction independently. Applying that method, the assessee's derivatives turnover remained below the threshold for compulsory audit under section 44AB. Consequently, penalty for failure to furnish a tax audit report under section 271B was deleted.
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