Dispute Resolution Panel objections must reach both prescribed forums; otherwise assessment may proceed and statutory appeal remains the proper remedy...
Political contribution deductions require recipient party compliance with contribution-reporting conditions; banking-channel donations alone do not qu...
Aggregation under TNMM prevents selective testing of intra-group services without comparable uncontrolled transactions, while appellate additional cla...
Protective assessment cannot duplicate identical receipts under competing characterisations; remote services did not establish a taxable permanent est...
The case deals with the characterization of profit/receipts from the sale of land, whether it should be treated as business income or long-term capital gain. The Supreme Court in CIT vs. Madan Gopal Radhey Lal held that a trader may acquire an asset for personal purposes and hold it separate from their business stock. There is no presumption that every acquisition by a dealer is for business purposes; the intention must be determined based on the acquirer's conduct and dealings with the asset. In this case, since the assessee held the land for more than five years without developmental activity, and the Revenue accepted the treatment as long-term capital gain in preceding and succeeding years, the CIT(A)/NFAC correctly deleted the addition made by the AO, treating the profit as long-term capital gain. The Appellate Tribunal upheld this decision.
The case deals with the characterization of profit/receipts from the sale of land, whether it should be treated as business income or long-term capital gain. The Supreme Court in CIT vs. Madan Gopal Radhey Lal held that a trader may acquire an asset for personal purposes and hold it separate from their business stock. There is no presumption that every acquisition by a dealer is for business purposes; the intention must be determined based on the acquirer's conduct and dealings with the asset. In this case, since the assessee held the land for more than five years without developmental activity, and the Revenue accepted the treatment as long-term capital gain in preceding and succeeding years, the CIT(A)/NFAC correctly deleted the addition made by the AO, treating the profit as long-term capital gain. The Appellate Tribunal upheld this decision.
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