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 HC set aside the respondent's order dated 03.09.2024 and allowed the petition. The court held that the Assessing Officer's unilateral debit from the petitioner's cash ledger toward disputed interest amounts was erroneous, without jurisdiction, and contrary to Section 107(7) mandate. The court determined that where an appellant has paid amounts under sub-section (6), recovery proceedings for balance amounts are deemed stayed per Section 107(7). Consequently, the unilateral debit undertaken by the Assessing Officer was impermissible, rendering the rejection order unsustainable and liable to be set aside.
The HC set aside the respondent's order dated 03.09.2024 and allowed the petition. The court held that the Assessing Officer's unilateral debit from the petitioner's cash ledger toward disputed interest amounts was erroneous, without jurisdiction, and contrary to Section 107(7) mandate. The court determined that where an appellant has paid amounts under sub-section (6), recovery proceedings for balance amounts are deemed stayed per Section 107(7). Consequently, the unilateral debit undertaken by the Assessing Officer was impermissible, rendering the rejection order unsustainable and liable to be set aside.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4807 
Join Channel 
