Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
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.
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