Development agreements require legal possession or effective enjoyment for capital gains transfer; permissive possession and deferred consideration de...
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...
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The Supreme Court noted that conflicting High Court rulings on reassessment notices issued by the Jurisdictional Assessing Officer or through the faceless mechanism were overtaken by the Finance Act, 2021 amendments, including the retrospective insertion of section 147A and related changes to sections 147 to 151. Because the statutory basis of the impugned judgments had changed, the Court set them aside on that limited ground, remitted the matters to the High Courts for fresh consideration, and allowed the assessees to amend their writ petitions and challenge the amended provisions. All merits were left open, and further reassessment proceedings were stayed pending the writ petitions, subject to High Court orders.
The Supreme Court noted that conflicting High Court rulings on reassessment notices issued by the Jurisdictional Assessing Officer or through the faceless mechanism were overtaken by the Finance Act, 2021 amendments, including the retrospective insertion of section 147A and related changes to sections 147 to 151. Because the statutory basis of the impugned judgments had changed, the Court set them aside on that limited ground, remitted the matters to the High Courts for fresh consideration, and allowed the assessees to amend their writ petitions and challenge the amended provisions. All merits were left open, and further reassessment proceedings were stayed pending the writ petitions, subject to High Court orders.
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