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 ...
Where reassessment was based entirely on seized material found during search on a third party, section 153C was the proper mechanism because it specifically governs assessment of a person other than the searched person on the basis of such material; recourse to section 147 was held impermissible and the section 148 notices were quashed. The reassessment also failed because the Assessing Officer had not made any independent enquiry or formed his own satisfaction, and had acted only on information from the Investigation Wing. On both grounds, the reassessment proceedings for the relevant assessment years were held to be without jurisdiction and were quashed.
Where reassessment was based entirely on seized material found during search on a third party, section 153C was the proper mechanism because it specifically governs assessment of a person other than the searched person on the basis of such material; recourse to section 147 was held impermissible and the section 148 notices were quashed. The reassessment also failed because the Assessing Officer had not made any independent enquiry or formed his own satisfaction, and had acted only on information from the Investigation Wing. On both grounds, the reassessment proceedings for the relevant assessment years were held to be without jurisdiction and were quashed.
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