Corporate Law : Explore complexities of PMLA bail conditions, their impact on accused, and constitutional concerns. A comprehensive analysis sheds...
Income Tax : Explore Income-Tax Implications of Joint Development Agreements in Property Transactions. Unveil the complexities of Section 45(5A...
Income Tax : Learn how Joint Development Agreements (JDA) affect income tax under Section 45(5A) of the Income Tax Act. Understand calculations...
Income Tax : Dive into the Principle of Mutuality, exploring its meaning, tax implications, and impact on cooperative societies. Discover case ...
Income Tax : Any Profit or gain arising from the transfer of Capital asset is taxable as a Capital Gain u/s 45 of the Income Tax act, 1961. It ...
Income Tax : The ITAT held that Section 54 exemption must be examined separately for each residential house sold. The benefit cannot be restric...
Income Tax : Bangalore ITAT held that allegations of capitation fee collections could not justify denial of exemption under Sections 11 and 12 ...
Corporate Law : An accused could not be kept in jail indefinitely in a money laundering case when the trial was unlikely to conclude within a reas...
Corporate Law : The SC held that the accused was not produced before the nearest Magistrate within 24 hours after the ED assumed custody, renderin...
Income Tax : The Mumbai ITAT held that ownership premises received under a redevelopment scheme are acquired in exchange for valuable tenancy r...
Corporate Law : Discover the implications of the government's notification on Section 64B of the Competition Act, effective from October 26, 2023....
Income Tax : It is noticed that the amount taxed under sub-section (4) of section 45 of the Act is required to be attributed to the remaining c...
Income Tax : CBDT vide Notification No. 76/2021-Income Tax | Dated: 2nd July, 2021 amends rule 8AA which relates to Method of determination of ...
The ITAT held that Section 54 exemption must be examined separately for each residential house sold. The benefit cannot be restricted to one new house merely because multiple houses were transferred.
Bangalore ITAT held that allegations of capitation fee collections could not justify denial of exemption under Sections 11 and 12 without proof of statutory violations. The Tribunal followed binding precedent in the assessee’s own case and upheld its charitable status.
An accused could not be kept in jail indefinitely in a money laundering case when the trial was unlikely to conclude within a reasonable time. The court granted bail to the accused, observing that he had already spent nearly five years in custody and that continued detention would be unjustified.
The SC held that the accused was not produced before the nearest Magistrate within 24 hours after the ED assumed custody, rendering the arrest illegal. It ruled that such constitutional violations justified bail despite the PMLA provisions.
The Mumbai ITAT held that ownership premises received under a redevelopment scheme are acquired in exchange for valuable tenancy rights and cannot be treated as having a nil cost. It directed the Assessing Officer to adopt the fair market value of the surrendered tenancy rights for recomputing capital gains.
The Calcutta High Court held that although the petitioner failed to satisfy the twin conditions under Section 45 of the PMLA, prolonged custody without trial justified grant of bail under Article 21 of the Constitution. Bail was granted subject to stringent conditions.
The Tribunal ruled that the Revenue cannot assess the full transaction value in the hands of a confirming party absent proof of beneficial ownership. The decision underscores the importance of establishing actual receipt of consideration.
ITAT Delhi held that reassessment based solely on Investigation Wing reports without independent enquiry is invalid. The ruling emphasizes that borrowed satisfaction cannot justify reopening under Section 147.
The Madras High Court ruled that an unregistered Joint Venture Agreement without actual transfer of possession or consideration could not amount to a transfer under Section 2(47). The Court held that no capital gains tax liability arose for the relevant assessment year.
The ITAT Dehradun held that exemption under Section 54B cannot be denied merely for non-deposit in the Capital Gains Account Scheme when the assessee actually invested the sale proceeds in agricultural land within the statutory period. The ruling treats such non-deposit as a procedural lapse.
