Power to receive documentary evidence upheld; documents referred in complaint may be placed on record without amendment where omission was inadvertent...
Proof of foreign public documents requires originals or certified diplomatic/notarial copies; inspection must occur in-magna presence and cross-examin...
Prior Sanction Requirement: absence of prescribed approval invalidates reassessment notice; limitation also bars notice if escaped income below thresh...
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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.
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