Compulsorily convertible debentures remain debt before conversion, preventing transfer-pricing and interest-deduction disallowances on the stated fact...
Stock-in-trade transfer taxability follows possession and consideration, not later conveyance registration, limiting deemed-value provisions to the ac...
Alternative statutory remedy under GST bars writ challenge where classification, notice variance, and hearing disputes require factual appellate revie...
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Disallowance of a cost of improvement claimed in calculating short-term capital gains, merely because contractor-level documentation is incomplete, does not by itself establish misrepresentation or suppression. Where the improvement work is undisputed and the expenditure has been disclosed in the return and supporting particulars, the income cannot be treated as underreported as a consequence of misreporting. Contractor-level evidence may be unjustified for incidental capital expenditure outside the taxpayer's regular business. The penalty for underreported income under section 270A was quashed.
Disallowance of a cost of improvement claimed in calculating short-term capital gains, merely because contractor-level documentation is incomplete, does not by itself establish misrepresentation or suppression. Where the improvement work is undisputed and the expenditure has been disclosed in the return and supporting particulars, the income cannot be treated as underreported as a consequence of misreporting. Contractor-level evidence may be unjustified for incidental capital expenditure outside the taxpayer's regular business. The penalty for underreported income under section 270A was quashed.
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