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 reviewed a case involving a violation of natural justice principles by a Commercial Taxes Officer. The initial order lacked verification of sales transactions and failed to provide a fair hearing to the assessee. Referring to a Supreme Court case, the Court emphasized the importance of cross-examination for credibility. The Assessing Authority did not verify the correctness of the petitioner's response, leading to an unsustainable conclusion. The Tax Board erred in not considering the legal infirmity of the Assessing Authority's decision. The Tax Board's interpretation of an abbreviation without supporting evidence was deemed unacceptable. The imposition of tax and penalty was based on flawed assumptions, leading to the Court setting aside the Tax Board's decision and affirming the Appellate Authority's order.
The High Court reviewed a case involving a violation of natural justice principles by a Commercial Taxes Officer. The initial order lacked verification of sales transactions and failed to provide a fair hearing to the assessee. Referring to a Supreme Court case, the Court emphasized the importance of cross-examination for credibility. The Assessing Authority did not verify the correctness of the petitioner's response, leading to an unsustainable conclusion. The Tax Board erred in not considering the legal infirmity of the Assessing Authority's decision. The Tax Board's interpretation of an abbreviation without supporting evidence was deemed unacceptable. The imposition of tax and penalty was based on flawed assumptions, leading to the Court setting aside the Tax Board's decision and affirming the Appellate Authority's order.
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