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 ...
Penalty proceedings under section 270A require a clear sequential charge: the Assessing Officer must first identify under-reporting and then specify whether it is attributable to a particular form of misreporting. Where the notice alleged only under-reporting but the penalty order proceeded on under-reporting in consequence of misreporting, without stating the exact statutory clauses invoked, the proceedings were held invalid for breach of natural justice. Independently, the assessee's reliance on Form 16 showing the amount as exempt, together with full disclosure of material facts, was accepted as a bona fide explanation falling within section 270A(6)(a), supporting deletion of the penalty.
Penalty proceedings under section 270A require a clear sequential charge: the Assessing Officer must first identify under-reporting and then specify whether it is attributable to a particular form of misreporting. Where the notice alleged only under-reporting but the penalty order proceeded on under-reporting in consequence of misreporting, without stating the exact statutory clauses invoked, the proceedings were held invalid for breach of natural justice. Independently, the assessee's reliance on Form 16 showing the amount as exempt, together with full disclosure of material facts, was accepted as a bona fide explanation falling within section 270A(6)(a), supporting deletion of the penalty.
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