Revenue neutrality in domestic related-party loans can require deletion of interest transfer pricing adjustments after domestic-transaction verificati...
Pre-enactment land-sale agreements escape stamp-duty value substitution where substantial banking-channel consideration was received before Section 43...
Under the amended reassessment regime, the High Court held that capital gains from the property transfer had to be computed with the stamp duty valuation under Sections 148, 149, 50C and 48. Because the petitioner's one-fourth share, valued on that basis, exceeded the statutory threshold of fifty lakh rupees, the extended limitation period applied and the Section 148A(d) order and consequential Section 148 notice were not without jurisdiction. The Court also held that the complaint that the written reply was not considered did not alter the result once limitation was decided against the petitioner. The writ petition was dismissed and assessment was directed to proceed, excluding the period spent before the Court for limitation purposes.
Under the amended reassessment regime, the High Court held that capital gains from the property transfer had to be computed with the stamp duty valuation under Sections 148, 149, 50C and 48. Because the petitioner's one-fourth share, valued on that basis, exceeded the statutory threshold of fifty lakh rupees, the extended limitation period applied and the Section 148A(d) order and consequential Section 148 notice were not without jurisdiction. The Court also held that the complaint that the written reply was not considered did not alter the result once limitation was decided against the petitioner. The writ petition was dismissed and assessment was directed to proceed, excluding the period spent before the Court for limitation purposes.
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