Income from Joint Development Agreement Treated as Stock-In-Trade Remanded for Factual Re-Adjudication Issue Whether the revenue authorities were justified in taxing Rs. 14.33 crores as accrued business income based on a JDA and a Form 26AS entry, and whether capital gains provisions under Section 45(5A) apply when the underlying immovable property is admittedly held as… Read More »
Rulings favor assessee on transfer pricing filters, unearned revenue additions, and net foreign exchange losses. Issue Whether a comparable company can be excluded under the “persistent loss-making” filter if it has reported a profit in one of the preceding three financial years. Whether the Dispute Resolution Panel (DRP) should admit additional evidence to include a… Read More »
Reopening Assessment Beyond Four Years Without New Tangible Material Merely Based on Change of Opinion Invalid Issue Whether the Assessing Officer is justified in reopening an assessment under Section 147/148 after the expiry of four years from the end of the relevant assessment year to deny a Long-Term Capital Gains exemption under Section 10(38), when… Read More »
Surrender of Allotment Right in Immovable Property Constitutes Transfer of Capital Asset Generating Capital Gains Issue Whether the right to obtain conveyance of an immovable property under an allotment letter constitutes a “capital asset” under Section 2(14) of the Income-tax Act, and whether compensation received upon its surrender constitutes a “transfer” under Section 2(47), making… Read More »