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 upheld the Assessing Officer's (AO) original assessment, determining that the surrendered sum should be treated as business income rather than invoking special provisions under section 115BBE and 69A. The tribunal found the AO conducted a thorough examination of the assessee's survey statement, surrender letter, and income return, and applied due diligence in assessing the income. The tribunal concluded there was no procedural error or lack of enquiry in the original assessment, thereby rejecting the revision petition and deciding in favor of the assessee.
ITAT upheld the Assessing Officer's (AO) original assessment, determining that the surrendered sum should be treated as business income rather than invoking special provisions under section 115BBE and 69A. The tribunal found the AO conducted a thorough examination of the assessee's survey statement, surrender letter, and income return, and applied due diligence in assessing the income. The tribunal concluded there was no procedural error or lack of enquiry in the original assessment, thereby rejecting the revision petition and deciding in favor of the assessee.
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