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 »
Reassessment under Section 147 is valid if third-party seized material does not directly belong to assessee. Issue Whether the Assessing Officer can validly initiate reassessment proceedings under Section 147 based on independent investigation of third-party search data, where the seized material does not directly belong, pertain, or relate to the assessee, thereby rendering the special… Read More »
Inter-trust transfers out of accumulated funds are strictly taxable as deemed income regardless of project nomenclature. Issue Whether payments made out of accumulated income under Section 11(2) by a charitable trust to other Section 12AA-registered institutions for project implementation are hit by the restriction in Section 11(3)(d) and taxable as deemed income. Facts Income Accumulation:… Read More »
BSNL VRS 2019 payments constitute retrenchment compensation exempt under Section 10(10B), not Section 10(10C). Issue Whether the compensation received by BSNL employees under the BSNL Voluntary Retirement Scheme, 2019 is in the nature of retrenchment compensation (capital receipt) exempt under Section 10(10B), or a voluntary retirement payment governed by Section 10(10C). Facts The assessees were… Read More »
Lump-sum receipt for extinguishing development rights across entire land parcel is fully deductible against capital gains. Issue Whether the sum of Rs. 33 crores received by the assessee was a global settlement for extinguishing his entire bundle of rights across the whole 35,600 sq. mtrs. of land—constituting a “transfer” under Section 2(47)—entitling him to claim… Read More »
Assessing Officer directed to exclude Mutual Funds and Tax Free Bonds from Section 14A calculations. Issue Whether the Assessing Officer, while computing the indirect expense disallowance under Section 14A read with Rule 8D(2)(ii), must exclude investments made in Mutual Funds and Tax Free Bonds from the average value of investments. Whether any further disallowance can… Read More »
Tribunal rules primarily for assessee on onsite profits, exempt income disallowance, goodwill depreciation, and FTC, but mandates allocation of interest expenditure. Tribunal rules primarily for assessee on onsite profits, exempt income disallowance, goodwill depreciation, and FTC, but mandates allocation of interest expenditure. Issue Whether the various additions and disallowances made by the Assessing Officer concerning… Read More »