Withdrawal of obsolete FEMA circulars streamlines rules on external commercial borrowings, non-resident bond investments, and money transfer sub-agent...
Departmental appeal limitation after call-book recall preserves original filing, while documented correlation supports SAD refund on imported granules...
Income-tax prosecution fails when appellate remand removes its factual foundation; directors require company arraignment for vicarious criminal liabil...
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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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