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...
Threshold exemption excludes exempt services, while stamp-paper purchases avoid reverse charge; consequential service tax penalties were also set asid...
Reassessment based on inapplicable information is examined where recorded reasons allege manipulated share transactions involving capital gains or losses, but the taxpayer's actual transaction was an intraday share trade with disclosed business profit. The notes state that, where the alleged transactions do not exist in the taxpayer's case and the disclosed profit remains below the reopening threshold cited in the reasons, the factual foundation for reopening fails. They further note that a Tribunal order quashing such reassessment was not interfered with because no substantial question of law arose from those factual findings.
Reassessment based on inapplicable information is examined where recorded reasons allege manipulated share transactions involving capital gains or losses, but the taxpayer's actual transaction was an intraday share trade with disclosed business profit. The notes state that, where the alleged transactions do not exist in the taxpayer's case and the disclosed profit remains below the reopening threshold cited in the reasons, the factual foundation for reopening fails. They further note that a Tribunal order quashing such reassessment was not interfered with because no substantial question of law arose from those factual findings.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4784
Join Channel
TaxTMI 
