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 ...
Levy of penalty - ITC wrongly availed - As such, if the respondent was of the view that the claim of ITC has been wrongly made, the only option available is to reverse such an ITC instead of bringing them under the purview of Section 7(1)(a) of the TNVAT Act. As such, the levy of tax under Section 7(1)(b) and the consequential penalty imposed, cannot be sustained. - HC
Levy of penalty - ITC wrongly availed - As such, if the respondent was of the view that the claim of ITC has been wrongly made, the only option available is to reverse such an ITC instead of bringing them under the purview of Section 7(1)(a) of the TNVAT Act. As such, the levy of tax under Section 7(1)(b) and the consequential penalty imposed, cannot be sustained. - HC
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