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 National Faceless Assessment Centre (NFAC) enhanced the book profit u/s 115JB of the Income Tax Act by Rs. 1,54,79,03,84,000 and Rs. 6,13,51,23,330 without issuing a mandatory enhancement notice u/s 251(2). The Tribunal held that without issuing the enhancement notice specifically showcasing how the assessee's income should be enhanced on particular issues, the NFAC does not have statutory power to enhance the income. Consequently, the Tribunal allowed the assessee's additional grounds and directed the deletions of the additions made to the computation of book profit u/s 115JB.
The National Faceless Assessment Centre (NFAC) enhanced the book profit u/s 115JB of the Income Tax Act by Rs. 1,54,79,03,84,000 and Rs. 6,13,51,23,330 without issuing a mandatory enhancement notice u/s 251(2). The Tribunal held that without issuing the enhancement notice specifically showcasing how the assessee's income should be enhanced on particular issues, the NFAC does not have statutory power to enhance the income. Consequently, the Tribunal allowed the assessee's additional grounds and directed the deletions of the additions made to the computation of book profit u/s 115JB.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4800
Join Channel
TaxTMI 
