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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 ...
HC held that the petition is maintainable and that issuance of a fresh demand on identical grounds previously examined under Section 61 is impermissible. The court construed Section 61(2) as creating an embargo on further demands, including those under Section 73, where the taxpayer's explanation was accepted; Section 73 contains no non-obstante provision to override Section 61(2). Consequently, the show-cause notice issued under Section 73 and the consequential adjudication were vitiated. The impugned SCN dated 29 May 2024 and the resultant order dated 28 Aug 2024 are quashed, and the petition is disposed of with the petitioner granted relief.
HC held that the petition is maintainable and that issuance of a fresh demand on identical grounds previously examined under Section 61 is impermissible. The court construed Section 61(2) as creating an embargo on further demands, including those under Section 73, where the taxpayer's explanation was accepted; Section 73 contains no non-obstante provision to override Section 61(2). Consequently, the show-cause notice issued under Section 73 and the consequential adjudication were vitiated. The impugned SCN dated 29 May 2024 and the resultant order dated 28 Aug 2024 are quashed, and the petition is disposed of with the petitioner granted relief.
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