https://www.taxtmi.com/caselaws?id=306536 Reopening of assessment was examined on recorded reasons alleging receipt of assured returns and non-filing of a return, and the challenge based on section 115A(5) and section 139 was rejected on the facts. The note further explains that an advance paid for allotment of commercial space, where no vested right, lien, or possession had arisen, created only a debt claim against the developer. A fixed assured return on such funds was therefore treated as interest under Article 12 of the India-U.K. DTAA, not as a capital receipt, damages, or compensation. The additions were deleted. en-us Mon, 17 Sep 2018 00:00:00 +0530 Wed, 08 Feb 2023 07:32:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=306536 Reopening of assessment was examined on recorded reasons alleging receipt of assured returns and non-filing of a return, and the challenge based on section 115A(5) and section 139 was rejected on the facts. The note further explains that an advance paid for allotment of commercial space, where no vested right, lien, or possession had arisen, created only a debt claim against the developer. A fixed assured return on such funds was therefore treated as interest under Article 12 of the India-U.K. DTAA, not as a capital receipt, damages, or compensation. The additions were deleted. Case-Laws Income Tax Mon, 17 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=306536