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 rectification grievance under section 154 concerning a return treated as invalid for want of an audit report had to be examined on merits by verifying whether the assessee had any income from business or profession and, if not, whether any audit report was required. The Tribunal found that the authorities had not adjudicated this plea and had instead shifted the matter between CPC and the jurisdictional AO on jurisdictional grounds. The mechanical rejection was set aside, and the matter was restored to the jurisdictional AO for proper verification and consequential relief if the return was wrongly invalidated.
A rectification grievance under section 154 concerning a return treated as invalid for want of an audit report had to be examined on merits by verifying whether the assessee had any income from business or profession and, if not, whether any audit report was required. The Tribunal found that the authorities had not adjudicated this plea and had instead shifted the matter between CPC and the jurisdictional AO on jurisdictional grounds. The mechanical rejection was set aside, and the matter was restored to the jurisdictional AO for proper verification and consequential relief if the return was wrongly invalidated.
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