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 Appellate Tribunal considered the disallowance of interest paid on a loan from Hyderabad Mutual Benefit Society. The Tribunal found that the documents certifying the loan were not available to the Assessing Officer before the assessment order. The Tribunal directed the assessee to file an application for admission of additional evidence. Regarding the disallowed expenditure on livestock, the Tribunal held that livestock is not a capital asset, and thus, the expenditure cannot be capitalized. The Tribunal dismissed the appeal on this ground. Additionally, the Tribunal determined that the profit on the sale of livestock should be treated as business income, not capital gain, as livestock is considered stock-in-trade. The Tribunal remanded the issue of computing total income from the purchase of livestock to the Assessing Officer for further verification.
The Appellate Tribunal considered the disallowance of interest paid on a loan from Hyderabad Mutual Benefit Society. The Tribunal found that the documents certifying the loan were not available to the Assessing Officer before the assessment order. The Tribunal directed the assessee to file an application for admission of additional evidence. Regarding the disallowed expenditure on livestock, the Tribunal held that livestock is not a capital asset, and thus, the expenditure cannot be capitalized. The Tribunal dismissed the appeal on this ground. Additionally, the Tribunal determined that the profit on the sale of livestock should be treated as business income, not capital gain, as livestock is considered stock-in-trade. The Tribunal remanded the issue of computing total income from the purchase of livestock to the Assessing Officer for further verification.
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