Medical relief status protects government-contracted mobile healthcare from commercial classification, while provisional registration cancellation req...
Charitable registration cancellation requires proof that educational activities abandoned their objects; incidental receipts and retained surplus are ...
Prospective customs notification amendments cannot bar provisional release consideration for earlier imports when bills of lading predate their commen...
Personal guarantor insolvency jurisdiction follows the corporate debtor's CIRP Bench, enabling inter-territorial transfer and preventing parallel proc...
Section 47-A undervaluation threshold: fraudulent intent requirement faces reconsideration after referral to a larger Bench for authoritative resoluti...
RBI supersession powers over multi-State co-operative banks operate independently of the constitutional six-month ceiling and permit statutory extensi...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4886 
