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 ...
Exemption u/s 10(23C) (vi) - rejection of the application u/s 12AA - allegation of paying interest on unsecured loan to specified persons at higher rate - Whether paying the interest at the rate of 9%/12% to the above then person was a benefit to the specified person, was required to be examined by the AO during the assessment proceedings and for that purposes it was incumbent upon the AO to bring on record the contemporaneous comparative instances of the similar society indicating that the interest of rate paid by the assessee was far more than that was prevailing in the open market. In the light of the above, the first objection raised by the CIT(E) was without any basis. - AT
Exemption u/s 10(23C) (vi) - rejection of the application u/s 12AA - allegation of paying interest on unsecured loan to specified persons at higher rate - Whether paying the interest at the rate of 9%/12% to the above then person was a benefit to the specified person, was required to be examined by the AO during the assessment proceedings and for that purposes it was incumbent upon the AO to bring on record the contemporaneous comparative instances of the similar society indicating that the interest of rate paid by the assessee was far more than that was prevailing in the open market. In the light of the above, the first objection raised by the CIT(E) was without any basis. - AT
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