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 ...
Mutual fund maturity rules require proper rollover, redemption, disclosure, and due diligence; investor gains cannot excuse regulatory breaches or pen...
A challenge to statutory summons under Section 131(1A) failed because mala fides were not proved by clear evidence, and the petitioner's reliance on later-produced material did not displace the prior TEP basis or the respondents' denial. The High Court also held that an Income Tax Officer authorised under the statutory scheme was competent to issue the summons, so no jurisdictional infirmity or colourable exercise of power was shown. It further accepted that, at the summons stage, the investigating authority was not required to disclose the detailed reasons, source of information, or scope of the ongoing inquiry, since confidentiality of an active tax investigation could be maintained without invalidating the summons.
A challenge to statutory summons under Section 131(1A) failed because mala fides were not proved by clear evidence, and the petitioner's reliance on later-produced material did not displace the prior TEP basis or the respondents' denial. The High Court also held that an Income Tax Officer authorised under the statutory scheme was competent to issue the summons, so no jurisdictional infirmity or colourable exercise of power was shown. It further accepted that, at the summons stage, the investigating authority was not required to disclose the detailed reasons, source of information, or scope of the ongoing inquiry, since confidentiality of an active tax investigation could be maintained without invalidating the summons.
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