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 ...
Challenge to clarificatory circulars restricting refund of accumulated unutilised input tax credit under an inverted duty structure: court held the ''relevant date'' for refund is the due date for furnishing the return for the period in which the claim arises, so the petitioner's refund right accrued before the circular and the application fell within the statutory two year limitation. The court applied the settled rule that an executive instruction shortening limitation cannot be given retrospective effect against an accrued cause of action, set aside orders rejecting refund solely on circulars, and remitted the claim for merits consideration without being inhibited by those circulars.
Challenge to clarificatory circulars restricting refund of accumulated unutilised input tax credit under an inverted duty structure: court held the ''relevant date'' for refund is the due date for furnishing the return for the period in which the claim arises, so the petitioner's refund right accrued before the circular and the application fell within the statutory two year limitation. The court applied the settled rule that an executive instruction shortening limitation cannot be given retrospective effect against an accrued cause of action, set aside orders rejecting refund solely on circulars, and remitted the claim for merits consideration without being inhibited by those circulars.
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