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 ...
ITAT adjudicated a dispute regarding tax assessment in a precious metal business. The tribunal found the Assessing Officer (AO) improperly rejected audited books under Section 145(3) without conducting a mandatory special audit under Section 142(2A). The ad-hoc income determination was deemed capricious and irrational, lacking cogent material and expert assessment. Given the complex business nature involving high-value transactions and inventory volatility, the tribunal disapproved the arbitrary income estimation. The matter was remanded to the AO for fresh income determination in strict compliance with legal provisions, with the appeal allowed for statistical purposes.
ITAT adjudicated a dispute regarding tax assessment in a precious metal business. The tribunal found the Assessing Officer (AO) improperly rejected audited books under Section 145(3) without conducting a mandatory special audit under Section 142(2A). The ad-hoc income determination was deemed capricious and irrational, lacking cogent material and expert assessment. Given the complex business nature involving high-value transactions and inventory volatility, the tribunal disapproved the arbitrary income estimation. The matter was remanded to the AO for fresh income determination in strict compliance with legal provisions, with the appeal allowed for statistical purposes.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
