Tax deduction compliance and payee income recognition govern consultancy disallowance, while no exempt income prevents related expenditure disallowanc...
Derivative abetment liability fails when correctly declared imported components establish no underlying improper importation by the principal importer...
Taxability under a Joint Development Agreement is examined where land is held as stock-in-trade, with focus on whether revenue accrues, whether an interest-free refundable security deposit constitutes consideration, and whether possession was transferred. The notes state that the capital-gains provision for specified development agreements involving capital assets does not apply to stock-in-trade. They also identify material factual questions requiring examination, including the termination notice and its effect, project status, the deposit's character and use, and the agreement's revenue-recognition terms. The matter described was remitted for fresh consideration after a remand report, objections, and reasonable opportunity, without a merits determination of taxability.
Taxability under a Joint Development Agreement is examined where land is held as stock-in-trade, with focus on whether revenue accrues, whether an interest-free refundable security deposit constitutes consideration, and whether possession was transferred. The notes state that the capital-gains provision for specified development agreements involving capital assets does not apply to stock-in-trade. They also identify material factual questions requiring examination, including the termination notice and its effect, project status, the deposit's character and use, and the agreement's revenue-recognition terms. The matter described was remitted for fresh consideration after a remand report, objections, and reasonable opportunity, without a merits determination of taxability.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4782
Join Channel
TaxTMI 
