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 ...
The key points of the legal judgment by ITAT Delhi are as follows: The case involved the taxability of interest income on FDRs purchased by Uttarakhand Forest Corporation from UP Forest Corporation. The issue was whether the interest income accrued or was hypothetical. The tribunal held that since there was no certainty of realization of interest income due to unresolved negotiations between the state governments, taxing the unrealized interest income would be unjust. Citing precedents, the tribunal ruled that interest income should be taxed on receipt basis or when certainty is established, overturning the AO's additions.
The key points of the legal judgment by ITAT Delhi are as follows: The case involved the taxability of interest income on FDRs purchased by Uttarakhand Forest Corporation from UP Forest Corporation. The issue was whether the interest income accrued or was hypothetical. The tribunal held that since there was no certainty of realization of interest income due to unresolved negotiations between the state governments, taxing the unrealized interest income would be unjust. Citing precedents, the tribunal ruled that interest income should be taxed on receipt basis or when certainty is established, overturning the AO's additions.
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