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...
The High Court set aside endorsements refusing cancellation of a bank guarantee taken as security for release of goods and conveyance, holding that the guarantee was meant only to secure revenue if the confiscation order was ultimately upheld. On the petitioners' uncontroverted compliance record and absence of other confiscation proceedings, the Court treated them as prima facie bona fide taxpayers and found that their conduct itself provided adequate assurance for compliance with any final order. It therefore found no justification to keep the bank guarantee alive while other disputes remained pending, directed return of the guarantees, and stated that the direction was confined to the peculiar facts and would not operate as precedent.
The High Court set aside endorsements refusing cancellation of a bank guarantee taken as security for release of goods and conveyance, holding that the guarantee was meant only to secure revenue if the confiscation order was ultimately upheld. On the petitioners' uncontroverted compliance record and absence of other confiscation proceedings, the Court treated them as prima facie bona fide taxpayers and found that their conduct itself provided adequate assurance for compliance with any final order. It therefore found no justification to keep the bank guarantee alive while other disputes remained pending, directed return of the guarantees, and stated that the direction was confined to the peculiar facts and would not operate as precedent.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
