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 Dehradun held that exemption under Section 54B cannot be denied merely for non-deposit in the Capital Gains Account Schem...
Income Tax : The Tribunal held that unsigned documents and Tally entries seized from a developer’s premises cannot justify additions without ...
Income Tax : The Tribunal ruled that the word purchase under Section 54 must receive a liberal and purposive interpretation. Genuine investment...
Income Tax : The Tribunal held that the AO failed to properly verify the genuineness of a cancelled property sale transaction before accepting ...
Income Tax : The ITAT Bangalore held that gains arising from buyback of shares are taxable under Section 46A because the conditions prescribed ...
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 ...
Jharkhand High Court held that bail application stands dismissed since the material collected shows that the petitioner is prima facie guilty of an offence under Prevention of Money Laundering matter. Accordingly, bail application rejected.
Bombay High Court held that offences under the Bharatiya Nyaya Sanhita, 2023 [BNS] can be recognized as scheduled offences under the Prevention of Money Laundering Act, 2002 [PMLA] without a specific amendment of the PMLA Schedule.
Karnataka High Court granted bail for offence punishable under Section 4 of the Prevention of Money Laundering Act, 2002 [PML Act] taking into consideration the maximum punishment for the alleged offences and that there is no possibility of trial commencing in the near future.
Bombay High Court held that the entire amounts of insurance claim received for death of horses is to be treated as capital receipt governed only by provisions of Section 45(1) of the Income Tax Act. Hence, the same is not chargeable to tax. Accordingly, appeal allowed.
ITAT Nagpur held that addition on account of LTCG in the hands of firm not justified as property is belonged to the partner in his individual capacity and didn’t belonged to the firm. Accordingly, order of CIT(A) upheld and appeal of revenue dismissed.
Delhi High Court held that custody under Narcotics Drug and Psychotropic Substances Act [NDPS] without any authority and without producing him before the concerned Magistrate or Special Court within 24 hours is completely illegal. Accordingly, present bail application allowed.
Delhi High Court held that since twin conditions required under section 45 of the Prevention of Money Laundering Act, 2002 [PMLA] has been satisfied, the application for grant of anticipatory bail allowed.
ITAT Mumbai held that denial of exemption under section 54 of the Income Tax Act on account of non-utilization of consideration not justified as utilization done within extended time limit for making the investment under the TOLA. Accordingly, exemption u/s. 54 granted and appeal allowed.
Appellate Authority held assessee’s investment in construction subsequent to the date of sale and investment in the eligible project even after the project of the house was started beyond one year will be eligible for exemption under Section 54F.
ITAT Mumbai held that short-term capital loss [STCL] on which STT is paid [which is taxable at 15% u/s. 111A of the Income Tax Act] can be set off against short-term capital gains [STCG] on which STT is not paid [which is taxable at 30% u/s. 115AD].
