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 ...
CESTAT allowed the appeal, holding that the demand raised against the appellant was unsustainable. The tribunal found that the appellant qualified as a funded partner of NSDC for skill development programmes, and thus was eligible for exemption under Notification No. 25/2012-ST. The adjudicating authority's rejection based on absence of a partnership certificate was deemed incorrect. The tribunal emphasized that the loan was specifically extended for skill development programmes, and the exemption should be interpreted beneficially, consistent with the Supreme Court's guidance on interpreting beneficial notifications. The demand raised solely on discrepancies between tax returns, without independent investigation, was set aside.
CESTAT allowed the appeal, holding that the demand raised against the appellant was unsustainable. The tribunal found that the appellant qualified as a funded partner of NSDC for skill development programmes, and thus was eligible for exemption under Notification No. 25/2012-ST. The adjudicating authority's rejection based on absence of a partnership certificate was deemed incorrect. The tribunal emphasized that the loan was specifically extended for skill development programmes, and the exemption should be interpreted beneficially, consistent with the Supreme Court's guidance on interpreting beneficial notifications. The demand raised solely on discrepancies between tax returns, without independent investigation, was set aside.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4796
Join Channel
TaxTMI 
