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 ...
Reopening of assessment u/s 147 - Reasons to believe - The High Court examined the submissions and found that the notice for reopening the assessment lacked jurisdiction. It noted that the reasons for reopening were not based on any fresh material but were already considered during the regular assessment process. Additionally, the Court highlighted that reopening the assessment solely on the basis of audit party objections was invalid. Moreover, the Court agreed with the petitioner's argument regarding the applicability of MAT provisions, stating that even if there were additions to income under normal provisions, it would not impact the MAT computation significantly. Therefore, the Court concluded that there was no escapement of income under normal provisions.
Reopening of assessment u/s 147 - Reasons to believe - The High Court examined the submissions and found that the notice for reopening the assessment lacked jurisdiction. It noted that the reasons for reopening were not based on any fresh material but were already considered during the regular assessment process. Additionally, the Court highlighted that reopening the assessment solely on the basis of audit party objections was invalid. Moreover, the Court agreed with the petitioner's argument regarding the applicability of MAT provisions, stating that even if there were additions to income under normal provisions, it would not impact the MAT computation significantly. Therefore, the Court concluded that there was no escapement of income under normal provisions.
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