Opportunity to furnish unsecured-loan confirmations is required before reassessment initiation; proceedings require fresh consideration after taxpayer...
Under-reporting on a first reassessment return attracts penalty, while enhanced misreporting penalty requires proof of a statutory misreporting catego...
CESTAT held that the consideration for transfer of transferable development rights (TDR) constitutes income from sale of development rights and falls within the ambit of Section 65(B)(44), but such TDR amounts to an interest in immovable property and thus attracts the exclusion in Section 65(B)(44)(a)(i); the tribunal found the collaboration agreement evidenced an ultimate transfer of land/title, placing the transaction outside the levy of service tax. The impugned assessment/order was quashed and the appeal allowed, with no requirement to adjudicate remaining contentions.
CESTAT held that the consideration for transfer of transferable development rights (TDR) constitutes income from sale of development rights and falls within the ambit of Section 65(B)(44), but such TDR amounts to an interest in immovable property and thus attracts the exclusion in Section 65(B)(44)(a)(i); the tribunal found the collaboration agreement evidenced an ultimate transfer of land/title, placing the transaction outside the levy of service tax. The impugned assessment/order was quashed and the appeal allowed, with no requirement to adjudicate remaining contentions.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
