Tribunal holds that when unlisted shares are sold above the prescribed fair market value, Section 50CA does not apply. The ruling rejects reclassification of part of the consideration as income from other sources.
Court granted bail noting that case was still at pre-charge stage and carried a maximum sentence of five years. The ruling underscores that extended custody was unnecessary for a Magistrate-triable offence.
ITAT rules that assessments under section 144 without proper section 148 notice are void when returns are filed late, affirming taxpayer procedural rights.
Streamline GSTR-2B vs Books ITC reconciliation with this Excel-based automated utility, reducing errors and saving significant time for accountants and businesses.
Explains how Indian residents must disclose jointly held foreign accounts based on beneficial ownership, clarifying Schedule FA and Schedule FSI requirements.
