Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
Tax exemption for specified legal-services authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and...
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Rural agricultural land situated beyond the prescribed municipal limits is excluded from the definition of a capital asset. The notes explain that an official Tehsildar certificate based on a technical survey may establish the requisite aerial distance where the Revenue offers no cogent rebuttal or independent measurement; acquisition by a development authority or development potential does not alter the land's character. Enhanced compensation for compulsory acquisition is therefore not chargeable under the capital gains provisions. Interest awarded under section 28 of the Land Acquisition Act is described as an accretion to land value and an integral part of enhanced compensation, so its tax treatment follows the underlying compensation rather than being separately taxed as income from other sources.
Rural agricultural land situated beyond the prescribed municipal limits is excluded from the definition of a capital asset. The notes explain that an official Tehsildar certificate based on a technical survey may establish the requisite aerial distance where the Revenue offers no cogent rebuttal or independent measurement; acquisition by a development authority or development potential does not alter the land's character. Enhanced compensation for compulsory acquisition is therefore not chargeable under the capital gains provisions. Interest awarded under section 28 of the Land Acquisition Act is described as an accretion to land value and an integral part of enhanced compensation, so its tax treatment follows the underlying compensation rather than being separately taxed as income from other sources.
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