Business expenditure deduction requires proof of genuine commission payments and commercial allowability; turnover growth alone cannot validate the cl...
Article 8 treaty coverage excluded third-party airline support services, while documented demonetisation cash receipts remained accepted business inco...
Functional comparability under TNMM requires highway contract benchmarks to reflect operation, maintenance and transfer activities, requiring fresh be...
Characterisation of flat-sale proceeds depends primarily on the taxpayer's intention, determined from the totality of circumstances, including the stated objects, consistent investment treatment, period of holding, leasing efforts, absence of other projects, and lack of regular trading activity. Although book treatment is not conclusive, it is relevant. Sales over different years after unsuccessful efforts to obtain tenants did not amount to an adventure in the nature of trade. Where the Revenue had accepted capital-gains treatment in earlier years and no distinguishing facts or incriminating material existed, consistency required the same treatment. The proceeds were therefore assessable as capital gains rather than business income, and the Revenue's appeal was dismissed.
Characterisation of flat-sale proceeds depends primarily on the taxpayer's intention, determined from the totality of circumstances, including the stated objects, consistent investment treatment, period of holding, leasing efforts, absence of other projects, and lack of regular trading activity. Although book treatment is not conclusive, it is relevant. Sales over different years after unsuccessful efforts to obtain tenants did not amount to an adventure in the nature of trade. Where the Revenue had accepted capital-gains treatment in earlier years and no distinguishing facts or incriminating material existed, consistency required the same treatment. The proceeds were therefore assessable as capital gains rather than business income, and the Revenue's appeal was dismissed.
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