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...
Unaccounted gold and silver stock detected during income-tax inspection supported findings of suppressed purchases and consequential sales, notwithstanding a revised return filed after inspection. The article distinguishes cases where equal additions rested only on conjectural probable suppression or disclosures preceded audit, stating that inspection-based unreconciled stock differences provide material for assessment. It notes that tax paid on revised disclosure may mitigate an equal addition, but does not protect a dealer unless the failure to maintain true accounts was neither wilful nor intentional. The Tribunal's restriction of equal additions to 10 per cent was sustained. Penalty was also upheld because the dealer did not justify omissions in full and true disclosure, and the statutory penalty provision applied to established suppressed turnover.
Unaccounted gold and silver stock detected during income-tax inspection supported findings of suppressed purchases and consequential sales, notwithstanding a revised return filed after inspection. The article distinguishes cases where equal additions rested only on conjectural probable suppression or disclosures preceded audit, stating that inspection-based unreconciled stock differences provide material for assessment. It notes that tax paid on revised disclosure may mitigate an equal addition, but does not protect a dealer unless the failure to maintain true accounts was neither wilful nor intentional. The Tribunal's restriction of equal additions to 10 per cent was sustained. Penalty was also upheld because the dealer did not justify omissions in full and true disclosure, and the statutory penalty provision applied to established suppressed turnover.
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