This article explains the requirement to file Form 28 under Section 77(4) for slump sale transactions. The key takeaway is that filing is compulsory for capital gains computation.
The case examined inconsistencies in capital gains allocation. It was clarified that valuation-backed reporting under Form 27 ensures accurate attribution and reduces disputes.
The case addressed risks of data manipulation and concealment. It was held that mandatory reporting of accounting systems and data storage enhances transparency and traceability.
The issue was whether maintaining a daily register is compulsory. It was held that medical practitioners exceeding prescribed limits must maintain Form 25 to ensure proper income reporting and compliance.
The issue was whether audit reporting is required for such income. It was held that Form 24 is compulsory for non-residents earning royalty or FTS through a PE, ensuring proper income computation.
The case addressed post-notification compliance failures. It was held that violation of conditions or non-genuine activities can lead to revocation of notification and tax benefits.
The issue was whether tax benefits can be claimed without prior approval of the project. It was held that filing Form 22 before commencement is compulsory, and benefits cannot be granted without such approval.
Form 21 is essential for claiming tax benefits on agricultural extension projects. CBDT held that only notified and approved projects meeting Rule 37 conditions qualify for such benefits.
The issue was whether approval can be sought after project commencement. It was held that Form 20 must be filed before starting the project, making prior approval essential for tax benefits.
The issue was whether tax benefits can be claimed without filing Form 19. It was held that notification is compulsory, and benefits cannot be allowed without fulfilling this requirement.
