The ITAT held that the Assessing Officer erred in adding corpus donations to annual receipts to deny exemption under Section 10(23C)(iiiad). Recognizing such donations as capital receipts, the Tribunal restored the tax exemption.
A detailed overview of U.S. gift and estate taxation, including exemptions, valuation rules, and filing requirements. The discussion highlights how taxpayers can manage wealth transfers while complying with IRS regulations.
A conclusion of an auction sale would not bar re-valuation of the auctioned property, when a question arises regarding the adequacy of valuation or fixation of the reserve price.
The Income-tax Act 2025 introduces the new tax regime as the default taxation method for individuals and certain entities. Taxpayers may opt out while filing returns if they prefer the traditional regime.
The Court emphasized that revisionary powers under Section 264 are broad and intended to correct mistakes causing injustice to taxpayers. Authorities must examine the claim on merits rather than dismiss it on technical grounds.
The tribunal clarified that penalties under FEMA arise from breach of statutory obligations and do not require proof of intent. Once a violation is established, liability can be imposed even without showing a guilty mind.
PMLA Tribunal held share investment not proceeds of crime and limited attachment only to mining profits. Productive assets of the company may be released if equivalent security such as bank guarantee or FDR is furnished.
The tribunal observed that the adjudication order merely stated conclusions without explaining the evidence against the accused. Such unsupported findings cannot justify a penalty under foreign exchange laws.
SAFEMA Tribunal held overseas online forex trading violated FEMA despite claims of ignorance, but reduced the penalty from ₹5.20 crore to ₹20 lakh after noting the trader suffered losses of ₹3.25 crore.
PMLA Tribunal upheld freezing of bank accounts and FDR linked to the Manesar land scam, ruling that lien or bank guarantee in favour of a government authority does not prevent attachment under PMLA.
