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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...
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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