Dependent Agent PE unresolved for lack of factual inquiry; arm's-length distribution accepted; royalty claim rejected; 15% refund interest (Section 24...
Exemption under s.10(23C)(iiiad) upheld; appeal allowed, interest and dividends excluded from annual receipts, disallowance deleted, capital gains exe...
ITAT allows the assessee's appeal and quashes the PCIT's revisional order, holding that the revisional jurisdiction was improperly invoked where the AO adopted a plausible view on taxability of interest under s.28 of the Land Acquisition Act and the issue remained debatable. The Tribunal finds the order under challenge prompted solely by an audit objection and therefore unsustainable. On the question of capital gains, ITAT holds the land qualifies as a capital asset within s.2(14) for the relevant year; the Finance Act amendment is not retrospective, and the Revenue's reliance on an alternate aerial distance measurement is rejected. Consequently, the impugned addition is deleted and the PCIT order set aside.
ITAT allows the assessee's appeal and quashes the PCIT's revisional order, holding that the revisional jurisdiction was improperly invoked where the AO adopted a plausible view on taxability of interest under s.28 of the Land Acquisition Act and the issue remained debatable. The Tribunal finds the order under challenge prompted solely by an audit objection and therefore unsustainable. On the question of capital gains, ITAT holds the land qualifies as a capital asset within s.2(14) for the relevant year; the Finance Act amendment is not retrospective, and the Revenue's reliance on an alternate aerial distance measurement is rejected. Consequently, the impugned addition is deleted and the PCIT order set aside.
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