ESOP expenditure allowed as FMV difference; long-term capital gain issue sent back for collector rate determination; deferred income additions disallo...
Appeal allowed; impugned order quashed as regulator failed to prove nexus or manipulative scheme; sale genuine - s.12A(a)-(c), Regs 3(a)-(d),4(1),4(2)...
Appellant's ring-back tone service held OIDAR, taxable domestically for 01.07.2012-31.07.2016; liability confirmed, penalties vacated, remanded for re...
The AT allowed the appeals, holding that the inter-scheme transfers (ISTs) undertaken by the AMC did not contravene applicable MF Regulations or the July 27, 2000 circular. The Tribunal found ISTs permissible, specific conditions in Schedule-VII and due-diligence processes were satisfied, reasons were recorded, and no fresh market purchases were made; there was no evidence of private gain, integrity breaches by trustees/AMC, or proven contravention of Para-6 or Para-8. Applying the principle generalia specialibus non derogant, specific IST provisions prevailed over general code provisions, and the Assessing Officer could not substitute his judgment for professional investment decisions. Appeals accordingly allowed.
The AT allowed the appeals, holding that the inter-scheme transfers (ISTs) undertaken by the AMC did not contravene applicable MF Regulations or the July 27, 2000 circular. The Tribunal found ISTs permissible, specific conditions in Schedule-VII and due-diligence processes were satisfied, reasons were recorded, and no fresh market purchases were made; there was no evidence of private gain, integrity breaches by trustees/AMC, or proven contravention of Para-6 or Para-8. Applying the principle generalia specialibus non derogant, specific IST provisions prevailed over general code provisions, and the Assessing Officer could not substitute his judgment for professional investment decisions. Appeals accordingly allowed.
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