Credit-note turnover adjustments preserve inverted-duty refunds, while ministerial re-computation does not constitute an impermissible appellate reman...
Revisional jurisdiction over export quota premium deductions requires both error and Revenue prejudice; a permissible assessment view cannot be displa...
Section 28(iv) covers non-monetary benefits arising from business or profession, including land acquired in a real-estate business for consideration below its established value. The ITAT treated the difference as a real business benefit received in kind, rather than a notional gain, and distinguished loan-waiver principles. It sustained taxation of the benefit and rejected the constitutional objection. The taxable benefit does not increase the land's deductible cost: where no corresponding expenditure was incurred, deduction is limited to the actual acquisition cost despite a revenue-neutrality claim. The addition was sustained and the appeal dismissed.
Section 28(iv) covers non-monetary benefits arising from business or profession, including land acquired in a real-estate business for consideration below its established value. The ITAT treated the difference as a real business benefit received in kind, rather than a notional gain, and distinguished loan-waiver principles. It sustained taxation of the benefit and rejected the constitutional objection. The taxable benefit does not increase the land's deductible cost: where no corresponding expenditure was incurred, deduction is limited to the actual acquisition cost despite a revenue-neutrality claim. The addition was sustained and the appeal dismissed.
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TaxTMI 
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