https://www.taxtmi.com/caselaws?id=306536 Reassessment may be initiated where information indicates that assured returns were received but not reported, provided the recorded reasons identify potential income escapement rather than merely pursue a fishing inquiry. Advance payments for commercial-space allotment remain debt claims where no conveyance, registration, lien, possession, or vested property interest exists. Fixed assured returns paid by the developer for use of those funds are characterised as interest under the India-UK tax treaty, rather than capital receipts, damages, compensation, or a reduction in acquisition cost. Such receipts are consequently taxable under the treaty regime as interest income. 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 Reassessment may be initiated where information indicates that assured returns were received but not reported, provided the recorded reasons identify potential income escapement rather than merely pursue a fishing inquiry. Advance payments for commercial-space allotment remain debt claims where no conveyance, registration, lien, possession, or vested property interest exists. Fixed assured returns paid by the developer for use of those funds are characterised as interest under the India-UK tax treaty, rather than capital receipts, damages, compensation, or a reduction in acquisition cost. Such receipts are consequently taxable under the treaty regime as interest income. Case-Laws Income Tax Mon, 17 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=306536