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...
A refund determined for one assessment year cannot be adjusted under Section 245 against a tax demand covered by a subsisting, unchallenged interim stay order. The stay for assessment year 2022-23 was conditional on specified instalment deposits, had not been challenged or displaced by the Revenue, and was uploaded on the ITBA Portal by the jurisdictional Assessing Officer. Adjustment of the refund against that stayed demand therefore contravened the operative stay order. The High Court quashed the adjustment and directed restoration of the refund with applicable interest in accordance with law.
A refund determined for one assessment year cannot be adjusted under Section 245 against a tax demand covered by a subsisting, unchallenged interim stay order. The stay for assessment year 2022-23 was conditional on specified instalment deposits, had not been challenged or displaced by the Revenue, and was uploaded on the ITBA Portal by the jurisdictional Assessing Officer. Adjustment of the refund against that stayed demand therefore contravened the operative stay order. The High Court quashed the adjustment and directed restoration of the refund with applicable interest in accordance with law.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4786
Join Channel
TaxTMI 
