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 ...
Gujarat High Court held that it would not be appropriate to invoke its extraordinary discretionary jurisdiction under Article 226 of the Constitution of India in the present case involving possession and control of assets with corporate debtor during liquidation.
ITAT upheld reopening of assessment but allowed Section 54 exemption, ruling that construction delay due to YEIDA’s possession issues was beyond assessee’s control and thus eligible for relief.
NCLT Mumbai held that resolution plan for Corporate Debtor as submitted by M/s. West End Investment and Finance Consultancy P. Ltd. is approved u/s. 31(1) of IBC since the same is duly approved by CoC and meets the requirements of IBC and the IBBI Regulations.
Where the Commissioner of Customs issued a Public Notice directing Container Freight Stations (CFSs) not to collect GST on auction sales of uncleared cargo under Section 48 of the Customs Act, 1962, such notice was without jurisdiction, as the levy of GST was governed by the CGST Act and not by the Customs authorities.
Hyderabad ITAT found reassessment unsustainable where 54F exemption was already examined in earlier scrutiny. As no new evidence emerged, reassessment under Section 147 was declared void.
ITAT Mumbai quashed a Rs.10 lakh penalty under Black Money Act, ruling that DDIT(Inv.) lacked necessary pecuniary jurisdiction to impose penalties exceeding ₹5 lakh. Decision strictly enforces CBDT guidelines, which reserve penalty proceedings requiring JCIT approval for regular Assessing Officer, deeming DDIT(Inv.) order as being without jurisdiction.
ITAT Chennai deleted additions made in search assessments (u/s 153A), ruling that Income Tax Department cannot make additions without specific, incriminating material seized during search. Following Supreme Courts ruling in Abhisar Buildwell, Tribunal held that search assessments are not fishing expeditions and must be strictly limited to evidence found post-search.
Chhattisgarh High Court held that petition u/s. 528 of Bharatiya Nagarik Suraksha Sanhita filed by Chaitanya Baghel seeking quashing of illegal arrest in the matter of money laundering linked to Liquor Scam is dismissed as grounds raised are procedural lapses not amounting to illegality.
Bombay High Court held that no hypothetical income of the assessee could have been brought to tax. Accordingly, income not accrued due to cancellation of sale agreement. Thus, order upheld and appeal of revenue dismissed.
NCLAT Delhi held that appellant doesn’t qualify as a Financial Creditor since appellant has failed to discharge the burden of proving any disbursement as defined under Section 5(8)(f) of the Insolvency and Bankruptcy Code. Accordingly, order upheld and appeal dismissed.
