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 ...
Power of Tribunal to enhance the tax liability - The Tribunal is an independent adjudicatory authority having jurisdiction to determine the liability to pay tax. Under the Act it has no power to enhance the liability to pay tax determined by the taxing authorities. Where sufficient material exists on record the Tribunal is expected to decide the matter, on merits. It has no power to pass an order of remand only because it is of the opinion that a higher tax liability ought to be imposed although revenue has decided not to prefer any appeal against the determination of tax liability. - HC
Power of Tribunal to enhance the tax liability - The Tribunal is an independent adjudicatory authority having jurisdiction to determine the liability to pay tax. Under the Act it has no power to enhance the liability to pay tax determined by the taxing authorities. Where sufficient material exists on record the Tribunal is expected to decide the matter, on merits. It has no power to pass an order of remand only because it is of the opinion that a higher tax liability ought to be imposed although revenue has decided not to prefer any appeal against the determination of tax liability. - HC
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