Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
Specified income of Baddi Barotiwala Nalagarh Development Authority receives conditional tax exemption, retrospectively covering its designated assess...
Specified development authority income receives retrospective tax exemption, subject to non-commercial activity, unchanged income sources, and return-...
Unified Brand India framework introduces voluntary Trust Mark certification and funding support for export branding, packaging and global promotional ...
Origin Declaration authentication governs preferential tariff claims under India-UK CETA, requiring a validated reference number before import clearan...
Separate assessment orders for different years remain valid when distinct notices and hearing opportunities prevent prejudice from combined proceeding...
Section 50C applies only to transfers of capital assets and not to sale of stock-in-trade assessed as business income. Where real estate plots are claimed to form business inventory, the decisive question is whether the assessee was carrying on a real estate business and held the lands as stock-in-trade; the Tribunal remitted that limited factual issue to the Assessing Officer for fresh examination and directed deletion of the addition if the claim is proved. The connected penalty matters under sections 271D and 271(1)(c) were also restored for fresh adjudication because they depended on the remanded quantum issue.
Section 50C applies only to transfers of capital assets and not to sale of stock-in-trade assessed as business income. Where real estate plots are claimed to form business inventory, the decisive question is whether the assessee was carrying on a real estate business and held the lands as stock-in-trade; the Tribunal remitted that limited factual issue to the Assessing Officer for fresh examination and directed deletion of the addition if the claim is proved. The connected penalty matters under sections 271D and 271(1)(c) were also restored for fresh adjudication because they depended on the remanded quantum issue.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4807 
Join Channel 
