Development agreements require legal possession or effective enjoyment for capital gains transfer; permissive possession and deferred consideration de...
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 ...
The note addresses a revision under review where the assessing officer accepted returned income without any discussion on whether foreign residential properties affect eligibility for the capital gains exemption on reinvestment in residential property. The Tribunal found the assessment order erroneous for lack of enquiry and failure to apply mind, making the Principal CIT's revision valid. Because the AO did not decide the proviso-based eligibility issue on merits, the Tribunal set aside the matter for fresh adjudication by the AO to determine entitlement to the exemption, allowing the appeal for statistical purposes.
The note addresses a revision under review where the assessing officer accepted returned income without any discussion on whether foreign residential properties affect eligibility for the capital gains exemption on reinvestment in residential property. The Tribunal found the assessment order erroneous for lack of enquiry and failure to apply mind, making the Principal CIT's revision valid. Because the AO did not decide the proviso-based eligibility issue on merits, the Tribunal set aside the matter for fresh adjudication by the AO to determine entitlement to the exemption, allowing the appeal for statistical purposes.
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