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...
Where the original return was only processed under section 143(1), there was no assessment order reflecting formation of opinion, so reopening could not be struck down as a mere change of opinion and the Tribunal could examine the jurisdictional issue. On merits, interest earned on deposits of funds earmarked for acquisition of technical know-how, land, machinery and other project commitments had a direct nexus with setting up the manufacturing business. Such receipts were therefore to be adjusted against pre-operative expenditure and not taxed as income from other sources. The High Court upheld reassessment but rejected the Revenue's treatment of the interest as taxable income.
Where the original return was only processed under section 143(1), there was no assessment order reflecting formation of opinion, so reopening could not be struck down as a mere change of opinion and the Tribunal could examine the jurisdictional issue. On merits, interest earned on deposits of funds earmarked for acquisition of technical know-how, land, machinery and other project commitments had a direct nexus with setting up the manufacturing business. Such receipts were therefore to be adjusted against pre-operative expenditure and not taxed as income from other sources. The High Court upheld reassessment but rejected the Revenue's treatment of the interest as taxable income.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4817 
Join Channel 
