Retrospective cancellation of charitable registration under section 12AB(4) was unsustainable; related-party benefit allegations did not prove nongenu...
Merger control notice and disclosure rules: Supreme Court limits penalties, rejects reopening of approved combination, and sets aside adverse findings...
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Compulsory-acquisition compensation attributable to development rights transferred under a pre-existing development agreement is discussed as not accruing to the land-holding company where the developer held exclusive commercial rights, funded the acquisition, and bore development risks. The notes distinguish an overriding contractual obligation from an application of income after accrual. They further state that taxing the same transferred compensation again in the land-holder's hands, after its taxation in the developer's hands, would create impermissible double taxation without statutory authority. Consistent treatment is also identified as relevant where materially identical development arrangements have received different tax treatment.
Compulsory-acquisition compensation attributable to development rights transferred under a pre-existing development agreement is discussed as not accruing to the land-holding company where the developer held exclusive commercial rights, funded the acquisition, and bore development risks. The notes distinguish an overriding contractual obligation from an application of income after accrual. They further state that taxing the same transferred compensation again in the land-holder's hands, after its taxation in the developer's hands, would create impermissible double taxation without statutory authority. Consistent treatment is also identified as relevant where materially identical development arrangements have received different tax treatment.
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