Pre-amendment reassessment limitation bars late notices under the preserved regime, invalidating consequential reassessment for affected earlier asses...
Cash-sales explanations for bank deposits require documentary reconciliation; reassessment notice survived where effective response time was available...
Functional comparability in transfer pricing prevents ad hoc arm's length adjustments where functions, assets, risks and reliable comparables are unes...
Compensation received from a builder under the RERA framework for surrender or termination of booked-property rights was held to arise from extinguishment of rights in a capital asset. The Tribunal treated the receipt as statutory compensation linked to rights acquired earlier and paid for over time, and applied section 2(47)(ii) to regard the extinguishment as a transfer. It therefore rejected assessment under section 56 as income from other sources and accepted the assessee's treatment of the amount as long-term capital gains.
Compensation received from a builder under the RERA framework for surrender or termination of booked-property rights was held to arise from extinguishment of rights in a capital asset. The Tribunal treated the receipt as statutory compensation linked to rights acquired earlier and paid for over time, and applied section 2(47)(ii) to regard the extinguishment as a transfer. It therefore rejected assessment under section 56 as income from other sources and accepted the assessee's treatment of the amount as long-term capital gains.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
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