possession

We have heard learned counsel for the assessee. Learned counsel for the assessee drew our attention to various clauses in leave and license agreement and submitted that the premises were given purely on license basis with fixtures and fittings. It was also pointed out that under the license agreement, the assessee also retained duplicate key of the main entrance door, which indicates that the control and possession of the premises was always with the assessee. Full Article

Views and suggestions are solicited on the Indian Trusts (Amendment) Bill, for submission to the Hon’ble Parliamentary Standing Committee. Please click for text of the Indian Trusts (Amendment) Bill, 2009 alongwith statement of Objects and Reasons. Full Article

Allowability of exemption under section 54EC of IT Act, 1961 When there is no bar to take possession by an agreement and transfer can be treated to have taken place on the basis of an agreement and advance payments deposited in specified bonds as required under section 54EC, simply because the sale deed was executed later on, the assessee cannot be charged with default of violation of the provision of section 54EC. Full Article

In Asia Satellite 85 ITD 478 the Tribunal held that the said receipts were taxable as ‘royalty’ having been paid in respect of a “process”. However, in PanAmSat 9 SOT 100 it was held that as in the term “royalty” in Art. 12 of the India-USA DTAA there was a ‘comma’ after the words “secret formula or process”, it was only a ‘secret process’ which would qualify as royalty and not what was provided by the assessee. To resolve the conflict, the issue .. Full Article

SUMMARY OF CASE LAW If existence of the diamond jewellery with the assessee prior to the sale is evidenced by the VDIS, 1997 certificate and on sale of the said jewellery the assessee has received the consideration which is duly accounted for, then the mere fact that the jewellery sold by the assessee is not [...] Full Article

The income-tax department has the right to carry out a raid and attach property, if it has reason to suspect that income is likely to escape tax net in absence of prompt action, a division bench of the Bombay High Court has ruled. The division bench, comprising Justice Ranajana Desai and Justice JP Deodhar, passed [...] Full Article

SUMMARY OF CASE LAW The proceedings under section 147 cannot impinge upon items which have no connection or relation with items of income and/or expenditure which form the basis of a notice under section 148(1).  CASE LAW DETAILS Decided by: HIGH COURT OF DELHI, In The case of: Jay Bharat Maruti Ltd. v. CIT, Appeal [...] Full Article

If you are not sure about how your son will treat you in future, be careful about gifting your property to him. The Supreme Court has ruled that parents cannot take back land or property gifted to their children on the grounds of illtreatment by the offspring after they have received the gift. This means that if a couple gift their only dwelling unit to their son and the latter tries to evict them from that very house, there is little the law can do to help the old paren.. Full Article