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 271(1)(c) - claim of incorrect deduction u/s 80GGA - The Appellate Tribunal analyzed the timeline of events and noted that the assessee had voluntarily offered the disputed deductions for taxation before the initiation of reassessment proceedings. It was observed that the assessee had withdrawn the claims of deductions and paid the necessary taxes well before the notice under section 148 of the Act was issued. The Tribunal found no basis in the findings of the lower authorities that there was concealment of income on the part of the assessee. Consequently, the Tribunal found no justification for the imposition of penalties u/s 271(1)(c) of the Act and proceeded to delete the penalties for both assessment years.
Levy of penalty u/s 271(1)(c) - claim of incorrect deduction u/s 80GGA - The Appellate Tribunal analyzed the timeline of events and noted that the assessee had voluntarily offered the disputed deductions for taxation before the initiation of reassessment proceedings. It was observed that the assessee had withdrawn the claims of deductions and paid the necessary taxes well before the notice under section 148 of the Act was issued. The Tribunal found no basis in the findings of the lower authorities that there was concealment of income on the part of the assessee. Consequently, the Tribunal found no justification for the imposition of penalties u/s 271(1)(c) of the Act and proceeded to delete the penalties for both assessment years.
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