This explains the statutory situations in which banks and authorities may freeze accounts under laws like PMLA and the Income Tax Act. The key takeaway is that freezing must have legal backing and follow due process.
The new Bill restructures and rewrites the tax statute to make it shorter, clearer, and easier to apply. The key takeaway is continuity in tax policy with significant procedural simplification.
SEO Description: Explains which gifts qualify for exemption based on the statutory definition of “relative” and why not all family gifts are tax-free under Section 56(2)(x).
The issue was whether late-fee under Section 234E could be levied while processing TDS returns before 01-06-2015. The Tribunal held that without Section 200A(1)(c), such levy was without authority of law.
Chennai ITAT set aside the PCIT’s revision order under Section 263, confirming that when the AO adopts a plausible view and conducts proper scrutiny, revision is unwarranted.
The Karnataka High Court invalidated a faceless assessment because the show-cause notice gave the assessee less than seven days to respond, violating mandatory SOP and principles of natural justice.
Section 14A disallows expenses related to tax-exempt income. Rule 8D provides the formula, ensuring only taxable-income-related expenses are deductible.
The Supreme Court held that GST exemption depends on residential use of the property, not the commercial status of the tenant. Hostels and long-term PGs qualify as residential dwellings.
