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 case pertains to the denial of exemption u/s 11 of the Income Tax Act to an assessee society, questioning whether its activities qualify as charitable or commercial. The society was established by the Department of Electronics, Government of India, and Microwave Electronics Ltd. to promote self-reliance in the field of Microwave Electronics and is an autonomous body for this purpose. In earlier years, the Coordinate Bench had remanded the assessee's appeals to the Assessing Officer to decide in accordance with the Supreme Court's decision in the Ahmed Urban Development Authority case. Subsequently, for the assessment years 2016-17, 2017-18, and 2022-23, as well as earlier years, the Assessing Officer, after scrutinizing the assessee's case, allowed the benefit of Sections 11 and 12 of the Act. The Revenue's appeal for the current year does not hold strong ground as the Assessing Officer, in a series of assessment orders or restored proceedings, has accepted the assessee's claim, and there is no assertion that the facts or law for the current year differ from those assessment years. The case was decided in favor of the assessee.
The case pertains to the denial of exemption u/s 11 of the Income Tax Act to an assessee society, questioning whether its activities qualify as charitable or commercial. The society was established by the Department of Electronics, Government of India, and Microwave Electronics Ltd. to promote self-reliance in the field of Microwave Electronics and is an autonomous body for this purpose. In earlier years, the Coordinate Bench had remanded the assessee's appeals to the Assessing Officer to decide in accordance with the Supreme Court's decision in the Ahmed Urban Development Authority case. Subsequently, for the assessment years 2016-17, 2017-18, and 2022-23, as well as earlier years, the Assessing Officer, after scrutinizing the assessee's case, allowed the benefit of Sections 11 and 12 of the Act. The Revenue's appeal for the current year does not hold strong ground as the Assessing Officer, in a series of assessment orders or restored proceedings, has accepted the assessee's claim, and there is no assertion that the facts or law for the current year differ from those assessment years. The case was decided in favor of the assessee.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
