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 High Court considered a Revision u/s 264 where the CIT rejected the application due to delay, stating u/s 143(1) intimation was not revisable. The court declined to condone the delay, noting the tax department's inability to reassess due to limitation provisions. The appellant had initially declared profits as capital gains for certain years, benefiting from lower tax rates. The revenue's change in treating the profits as business income led to the revision petitions. The court found the delay unjustifiable, as the appellant waited until after the Appellate Authority's decision to file the revision petitions. Condoning the delay would unfairly advantage the appellant over the revenue. The Writ Appeal was dismissed in line with the Single Judge's decision.
The High Court considered a Revision u/s 264 where the CIT rejected the application due to delay, stating u/s 143(1) intimation was not revisable. The court declined to condone the delay, noting the tax department's inability to reassess due to limitation provisions. The appellant had initially declared profits as capital gains for certain years, benefiting from lower tax rates. The revenue's change in treating the profits as business income led to the revision petitions. The court found the delay unjustifiable, as the appellant waited until after the Appellate Authority's decision to file the revision petitions. Condoning the delay would unfairly advantage the appellant over the revenue. The Writ Appeal was dismissed in line with the Single Judge's decision.
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