Educational approval requires mandatory State registration, but incidental surplus and trustee-owned land do not prove private benefit or profit motiv...
Judicial review of settlement orders cannot reopen settled customs notices, while statutory interest remains subject to verification and quantificatio...
Customs Broker licence lending for consideration justified revocation where exporter authorisation and client verification obligations were also breac...
Income or loss arising from assets transferred without consideration to a spouse was held to fall within section 64(1)(iv) where the Department failed to show consideration or an agreement to live apart. The Tribunal applied the principle that clubbing extends to income or loss indirectly arising from the transferred asset, so the spouse's derivative trading loss could be considered in the assessee's hands if a nexus with the gifted funds existed. The view that the loss was the spouse's independent trading loss was rejected. The matter was remitted only for verification of the quantum of loss attributable to the gifted funds.
Income or loss arising from assets transferred without consideration to a spouse was held to fall within section 64(1)(iv) where the Department failed to show consideration or an agreement to live apart. The Tribunal applied the principle that clubbing extends to income or loss indirectly arising from the transferred asset, so the spouse's derivative trading loss could be considered in the assessee's hands if a nexus with the gifted funds existed. The view that the loss was the spouse's independent trading loss was rejected. The matter was remitted only for verification of the quantum of loss attributable to the gifted funds.
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