An asset transferred via a slump sale cannot be isolated and taxed again upon registration. Issue Whether the revenue department can separately tax the subsequent registration of a conveyance deed for an immovable property under Section 50C in a later assessment year, when that specific asset was already transferred and taxed as part of a… Read More »
An asset transferred via a slump sale cannot be isolated and taxed again upon registration. Issue Whether the revenue department can separately tax the subsequent registration of a conveyance deed for an immovable property under Section 50C in a later assessment year, when that specific asset was already transferred and taxed as part of a… Read More »
Capital gains depend on actual possession, while arbitrary valuation averaging is completely legally invalid. Issue Whether capital gains tax is triggered by an unregistered agreement without parting with possession or only upon the final registered transfer of physical possession. Whether arbitrary mathematical averaging of conflicting valuations by appellate authorities and ignoring taxpayer objections by the… Read More »
Sales tax incentive received as a capital receipt is excluded from normal income and Section 115JB book profits. Issue Whether a recurring sales tax incentive/subsidy received by the assessee constitutes a non-taxable capital receipt that must be excluded from both the regular income computation under Section 28(i) and the book profit computation under Section 115JB.… Read More »
Rental income constitutes house property income, while unverified interest claims require fresh adjudication remand. Issue Whether rental income from letting out fully furnished office premises is taxable under the head ‘Income from House Property’ or ‘Profits and gains of business or profession’ when GST is collected but no systematic business operations are undertaken. Whether interest… Read More »
Trust registration cannot be cancelled for financial irregularities without deviation from core charitable objects. Issue Whether the PCIT can legally cancel a trust’s tax registration under Section 12AB(4) by invoking clauses (a) and (e) of the Explanation for financial irregularities/related-party benefits under Section 13(3), when the trust continues its genuine charitable activity of imparting education… Read More »
Official revenue classifications and specific statutory distance notifications override administrative presumptions regarding agricultural land taxation. Issue Whether the revenue department can deny a tax exemption under Section 10(37) on capital gains from the compulsory acquisition of land by relying on localized reports of non-cultivation, when official state revenue records explicitly classify the land as agricultural… Read More »