Development agreements require legal possession or effective enjoyment for capital gains transfer; permissive possession and deferred consideration de...
Prolonged sterilisation of development rights supports capital-gains treatment, while business-income disallowances cannot govern capital-gains comput...
Additional evidence in transfer pricing dispute leads to fresh examination, while tax deductions, TDS credit, fee and refund interest require verifica...
Category II AIF pass-through taxation preserves non-business income character; investment receipts cannot be reclassified without applying recognised ...
Mutual fund maturity rules require proper rollover, redemption, disclosure, and due diligence; investor gains cannot excuse regulatory breaches or pen...
Rectification under section 154 is confined to manifest, patent and self-evident mistakes apparent from the record; it cannot resolve issues requiring factual examination, legal interpretation or a choice between possible views. Although non-consideration of a binding judgment may constitute such a mistake, disputed computation of taxable income after denial of exemption to an educational society-including treatment of capital receipts and capital expenditure-requires examination of the nature of receipts, expenditure and the applicable computation method. As those questions were debatable and formed part of a pending quantum appeal, rectification could not be used as a review mechanism or substitute for appellate adjudication. The rectification application was therefore rejected, subject to pursuit of grounds in the quantum appeal.
Rectification under section 154 is confined to manifest, patent and self-evident mistakes apparent from the record; it cannot resolve issues requiring factual examination, legal interpretation or a choice between possible views. Although non-consideration of a binding judgment may constitute such a mistake, disputed computation of taxable income after denial of exemption to an educational society-including treatment of capital receipts and capital expenditure-requires examination of the nature of receipts, expenditure and the applicable computation method. As those questions were debatable and formed part of a pending quantum appeal, rectification could not be used as a review mechanism or substitute for appellate adjudication. The rectification application was therefore rejected, subject to pursuit of grounds in the quantum appeal.
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