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 ...
Refund of the amount as deposited by the assesse towards part payment of demand raised - Time limit for completion of assessment, reassessment and recomputation - The High court referred to Section 153(5) and (7) of the Income Tax Act, 1961. It noted that since the remit ordered by the ITAT was prior to June 1, 2016, it was the AO's duty to frame final assessment orders by March 31, 2017. - Given the AO's failure to meet the statutory deadline for framing assessment orders, the court found no justification for the respondents to retain the deposited amounts. - The court allowed the petition and directed the respondents to refund the amounts along with applicable interest.
Refund of the amount as deposited by the assesse towards part payment of demand raised - Time limit for completion of assessment, reassessment and recomputation - The High court referred to Section 153(5) and (7) of the Income Tax Act, 1961. It noted that since the remit ordered by the ITAT was prior to June 1, 2016, it was the AO's duty to frame final assessment orders by March 31, 2017. - Given the AO's failure to meet the statutory deadline for framing assessment orders, the court found no justification for the respondents to retain the deposited amounts. - The court allowed the petition and directed the respondents to refund the amounts along with applicable interest.
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