Pharmaceutical promotion and transfer-pricing comparability principles limited disallowances, while uncorroborated search allegations and unsupported ...
Business expenditure substantiation supports scrap credits, statutory payments and expense claims, while depreciation requires proof of actual busines...
Land held as stock-in-trade in a property development business was outside the scope of section 50C, because that provision applies only to transfer of a capital asset. The Tribunal found that the development agreement, power of attorney, revenue records and balance sheets showed the assessee was acting as a land developer and had not acquired title to the entire parcel. It also noted that the same transaction had already been disclosed as business turnover and accepted as business income, so applying capital gains treatment again would amount to impermissible double taxation. The addition as long-term capital gain was deleted.
Land held as stock-in-trade in a property development business was outside the scope of section 50C, because that provision applies only to transfer of a capital asset. The Tribunal found that the development agreement, power of attorney, revenue records and balance sheets showed the assessee was acting as a land developer and had not acquired title to the entire parcel. It also noted that the same transaction had already been disclosed as business turnover and accepted as business income, so applying capital gains treatment again would amount to impermissible double taxation. The addition as long-term capital gain was deleted.
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