Handicraft job work receives concessional GST only for registered principals and predominantly handmade goods; commercial resin articles remain taxabl...
Reassessment disclosure requirements permit stated reasons without revealing information sources, but prior-taxation claims require full examination b...
Independent assessment discretion and corroborated electronic evidence determine validity of on-money additions and undisclosed-consideration assessme...
ITAT upheld the CIT(A)'s determination that the surplus from the sale of land is assessable under the head "capital gains" and not as business income, dismissing the Revenue's appeal. The Tribunal concurred with the finding that the properties were divested after a considerable lapse of time and that the assessee lacked intention to carry on a land-trading or real-estate business; consequently the AO's characterization of the transactions as an adventure in the nature of trade was rejected. The ITAT relied on the assessee's prior favorable orders for earlier assessment years as directly applicable and remitted action to the AO to assess the surplus as capital gains in accordance with law.
ITAT upheld the CIT(A)'s determination that the surplus from the sale of land is assessable under the head "capital gains" and not as business income, dismissing the Revenue's appeal. The Tribunal concurred with the finding that the properties were divested after a considerable lapse of time and that the assessee lacked intention to carry on a land-trading or real-estate business; consequently the AO's characterization of the transactions as an adventure in the nature of trade was rejected. The ITAT relied on the assessee's prior favorable orders for earlier assessment years as directly applicable and remitted action to the AO to assess the surplus as capital gains in accordance with law.
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