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 u/s 54(1)(2) of the U.P. VAT Act, 2008 - men-rea - The Court concluded that mens rea is indeed an essential prerequisite for imposing a penalty under this provision. - The Court held that penalties could not be imposed on the basis of a best judgement assessment. Such assessments are essentially grounded on reasonable guesses or estimates and do not inherently prove any willful attempt to evade taxes. Without explicit evidence of a deliberate action to avoid tax payments, the imposition of penalties is unjustified.
Levy of penalty u/s 54(1)(2) of the U.P. VAT Act, 2008 - men-rea - The Court concluded that mens rea is indeed an essential prerequisite for imposing a penalty under this provision. - The Court held that penalties could not be imposed on the basis of a best judgement assessment. Such assessments are essentially grounded on reasonable guesses or estimates and do not inherently prove any willful attempt to evade taxes. Without explicit evidence of a deliberate action to avoid tax payments, the imposition of penalties is unjustified.
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