The Supreme Court set aside lower court decrees, holding that an unregistered “Palupatti” (family partition memo) is admissible for the collateral purpose of proving severance of joint family status and separate possession. This ruling confirms that a family arrangement, when corroborated by conduct and revenue records, validates the disruption of joint ownership.
ITAT Chennai upheld that immovable property transfers within family through registered settlement deeds are exempt under Section 56(2)(x). The AO’s view that such transfers were non-bona-fide was rejected.
The High Court found the accused’s claims of illegal arrest and lack of police procedure compliance to be incorrect and rejected the bail application due to the magnitude of the alleged fraud.
Comparison of Old vs. Default Tax Regimes (Sec 115BAC) for salaried income. Covers tax slabs, Standard Deduction, and Surcharge rates. Details the trade-off: reduced tax rates under Default Regime vs. forfeited exemptions like HRA, LTA, and 80C deductions.
Overview of income tax rules for compulsory land acquisition: capital gains are taxed upon initial compensation receipt (Sec 45(5)), with enhanced compensation taxed separately. Covers TDS rules (Sec 194LA) at 10%, thresholds, and penalties for non-compliance.
Overview of tax treatment for a salaried employee, covering fully and partially taxable allowances (HRA, transport), standard deductions (Section 16), and key investment-linked deductions under Chapter VI-A (80C, 80D, 80CCD).
Understand the tax rules for capital gains on compulsory land acquisition (Section 45(5)), including the taxation of initial and enhanced compensation, cost basis, and exemptions. Details on TDS under Section 194LA, including rates (10%), thresholds (₹5L), and compliance.
ITAT Ahmedabad upheld adding Long-Term Capital Gain (LTCG) as unexplained income under Section 68. The Tribunal ruled that the genuineness of penny stock transactions must be judged by the test of human probabilities.
ITAT Chandigarh deleted a Rs.20 lakh penalty levied under Section 271D for a cash deposit violating Section 269SS. The Tribunal ruled the deposit was a temporary parking of funds by the father for security, not a loan or deposit.
Advance rulings clarify tax liability for specific transactions. They are binding on taxpayers and authorities. Applications require fees based on transaction size, up to Rs. 10 Lacs, payable via demand draft. The Authority for Advance Rulings is replaced by the Board for Advance Rulings (BAR).
