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 issue was whether a share transfer without consideration constituted taxable capital gains. The Tribunal held that genuine family realignment is not taxable.
ITAT Hyderabad deletes ₹66.31 lakh capital gains addition, holding that execution of JDA does not constitute transfer under Section 2(47) where no consideration is received and possession is given only for development; no taxable event arises.
The Tribunal held reassessment invalid as the alleged escaped income did not exceed ₹50 lakh required for extended limitation. It ruled that invoking extended time under Section 149 without satisfying this condition is illegal.
The Tribunal held that enhancement of income without issuing notice under section 251(2) is invalid. Such action violates principles of natural justice, leading to quashing of enhancement and related penalty directions.
The case examined whether compensation paid to exit prior agreements was a sham arrangement. The Tribunal ruled it was a valid business decision that enabled higher sale consideration.
The case addressed whether a custodian could be held liable for duty when container contents differed from declared goods. The Tribunal held that without proof of tampered or broken seals, liability under section 45 cannot be imposed.
The Tribunal upheld attachment as no documentary evidence was provided to establish the source of funds. It held that unexplained money can be treated as proceeds of crime.
The Tribunal held that GST collected is not part of income for presumptive taxation under section 44B. It ruled that GST is a statutory levy and cannot be treated as revenue.
ITAT Chennai held once the AO has conducted inquiry, examined replies and adopted a legally sustainable view, the same cannot be treated as erroneous. Accordingly, invocation of revisionary jurisdiction under section 263 of the Income Tax Act is not sustainable in law.
The Tribunal held that tenancy supported by rent receipts, bills, and agreements cannot be treated as a sham. It upheld exemption under Section 54F on surrender of tenancy rights.
