Clubbing of income from gifted property failed where the claim surfaced after reassessment limitation, sustaining capital-gains assessment in spouse's...
Employee stock-option discount qualifies as revenue expenditure, while royalty and service comparables require reliable functional and transactional b...
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Gains from share and securities sales retained their capital-gains character because no factual distinction from later assessment years justified recharacterisation as business income. Import-purchase payments to a Japanese non-resident associated enterprise remained free from withholding-tax disallowance, as identical later-year determinations governed the issue. Rule 8D could not support an additional section 14A administrative-expenditure disallowance unless the Assessing Officer examined the accounts, recorded dissatisfaction with the taxpayer's own disallowance, and identified expenditure related to exempt income. Formulaic application without these steps required deletion of the additional disallowance. The Revenue's appeal failed, while the taxpayer's appeal succeeded on section 14A.
Gains from share and securities sales retained their capital-gains character because no factual distinction from later assessment years justified recharacterisation as business income. Import-purchase payments to a Japanese non-resident associated enterprise remained free from withholding-tax disallowance, as identical later-year determinations governed the issue. Rule 8D could not support an additional section 14A administrative-expenditure disallowance unless the Assessing Officer examined the accounts, recorded dissatisfaction with the taxpayer's own disallowance, and identified expenditure related to exempt income. Formulaic application without these steps required deletion of the additional disallowance. The Revenue's appeal failed, while the taxpayer's appeal succeeded on section 14A.
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