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 ...
Mutual fund maturity rules require proper rollover, redemption, disclosure, and due diligence; investor gains cannot excuse regulatory breaches or pen...
The AT upheld the adjudication order regarding contravention of Section 5 of FEMA read with Rule 4 of FEMA (Current Account Transactions) Rules, 2000, for remitting royalty to overseas parties exceeding permissible limit of 5% on local sales. The respondents had filed CST returns and respective State Level Sales Tax Returns disclosing actual sale price for taxation purpose, duly considered by the adjudicating authority. The AT held that sale price only relates to consideration for transferring property in goods without abatement except as provided, rejecting the appellant's reliance on a case pertaining to calculation of net income and not net sale price. The AT was not convinced by the appellant's submissions in view of its observations.
The AT upheld the adjudication order regarding contravention of Section 5 of FEMA read with Rule 4 of FEMA (Current Account Transactions) Rules, 2000, for remitting royalty to overseas parties exceeding permissible limit of 5% on local sales. The respondents had filed CST returns and respective State Level Sales Tax Returns disclosing actual sale price for taxation purpose, duly considered by the adjudicating authority. The AT held that sale price only relates to consideration for transferring property in goods without abatement except as provided, rejecting the appellant's reliance on a case pertaining to calculation of net income and not net sale price. The AT was not convinced by the appellant's submissions in view of its observations.
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