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...
Threshold exemption excludes exempt services, while stamp-paper purchases avoid reverse charge; consequential service tax penalties were also set asid...
Employee conflict disclosures and investment restrictions expand with new recusal duties, post-employment limits, and compliance reporting requirement...
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Profit on sale of fixed assets was required to be routed through the profit and loss account for computation of book profit under section 115JB, because Part II of Schedule VI requires disclosure of material receipts and exceptional transactions in the accounts. Direct credit of such capital profit to reserves and surplus was treated as an impermissible deviation from the prescribed accounting format, particularly where no justifiable reason for the departure was shown. Relying on Supreme Court authority, the Court affirmed that the company must prepare its accounts strictly in accordance with Schedule VI for MAT purposes and upheld reworking of book profits accordingly.
Profit on sale of fixed assets was required to be routed through the profit and loss account for computation of book profit under section 115JB, because Part II of Schedule VI requires disclosure of material receipts and exceptional transactions in the accounts. Direct credit of such capital profit to reserves and surplus was treated as an impermissible deviation from the prescribed accounting format, particularly where no justifiable reason for the departure was shown. Relying on Supreme Court authority, the Court affirmed that the company must prepare its accounts strictly in accordance with Schedule VI for MAT purposes and upheld reworking of book profits accordingly.
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