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...
Refund adjustment against tax demands treated as non-collectible or non-enforceable under an unconditional stay is improper; the adjusted amount must be returned with statutory interest while the demands remain stayed pending appeal. Adjustment of a refund before disposal of a stay application constitutes coercive recovery and cannot proceed at that stage. For the disputed demand, retention was confined to 20% in light of applicable Board instructions, with the balance refund returned with statutory interest and the remaining demand stayed pending appeal.
Refund adjustment against tax demands treated as non-collectible or non-enforceable under an unconditional stay is improper; the adjusted amount must be returned with statutory interest while the demands remain stayed pending appeal. Adjustment of a refund before disposal of a stay application constitutes coercive recovery and cannot proceed at that stage. For the disputed demand, retention was confined to 20% in light of applicable Board instructions, with the balance refund returned with statutory interest and the remaining demand stayed pending appeal.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4899 
