Composite residential flat exemption upheld where supplementary agreement merged adjoining units and additional evidence supported the taxpayer's inve...
Urgent interim relief exception permits commercial suit without pre-institution mediation where immediate disclosure and asset protection are genuinel...
Portal order discrepancies invalidated rectification rejection, requiring fresh reasoned consideration after hearing and prompt communication of the o...
Reassessment of a partner cannot rest on notional interest on capital or remuneration where the partnership deed merely enables, rather than mandates, those payments. Clauses subject to mutual agreement, including a subsequent amendment providing that no interest was payable, did not establish an enforceable entitlement or actual receipt by the partner. Without material showing that the partner received interest or remuneration, there was no basis to infer income escaping assessment. The High Court therefore quashed the reassessment notices issued to the partner.
Reassessment of a partner cannot rest on notional interest on capital or remuneration where the partnership deed merely enables, rather than mandates, those payments. Clauses subject to mutual agreement, including a subsequent amendment providing that no interest was payable, did not establish an enforceable entitlement or actual receipt by the partner. Without material showing that the partner received interest or remuneration, there was no basis to infer income escaping assessment. The High Court therefore quashed the reassessment notices issued to the partner.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4809 
Join Channel 
