Pre-amendment reassessment limitation bars late notices under the preserved regime, invalidating consequential reassessment for affected earlier asses...
Cash-sales explanations for bank deposits require documentary reconciliation; reassessment notice survived where effective response time was available...
Functional comparability in transfer pricing prevents ad hoc arm's length adjustments where functions, assets, risks and reliable comparables are unes...
Interest received under s.28 of the Land Acquisition Act on enhanced compensation for compulsory acquisition of agricultural land was held taxable as "income from other sources" under s.56(2)(viii) read with s.145B(1), as the statutory language is clear and mandates such tax treatment; consequentially, deduction under s.57(iv) applies while recomputing such interest. The claim of exemption under s.10(37) was rejected because that provision covers only "compensation" for compulsory acquisition and does not extend to "interest on compensation/enhanced compensation." The appellate direction to recompute interest under s.56(2)(viii) with s.57(iv) deduction was upheld and the assessee's grounds were dismissed - ITAT
Interest received under s.28 of the Land Acquisition Act on enhanced compensation for compulsory acquisition of agricultural land was held taxable as "income from other sources" under s.56(2)(viii) read with s.145B(1), as the statutory language is clear and mandates such tax treatment; consequentially, deduction under s.57(iv) applies while recomputing such interest. The claim of exemption under s.10(37) was rejected because that provision covers only "compensation" for compulsory acquisition and does not extend to "interest on compensation/enhanced compensation." The appellate direction to recompute interest under s.56(2)(viii) with s.57(iv) deduction was upheld and the assessee's grounds were dismissed - ITAT
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