Inherited property sale proceeds require capital-gains treatment where ownership is supported by evidence, not suspicion or unverified signature doubt...
Cross-examination of retracted statements is essential where foundational evidence supports a benami allegation and documented funding explanations re...
Capital-goods exemption covers plant-modernisation accessories, while the import restriction applies only to earlier capital-goods components and spar...
Constitutional judicial review permits challenges to ECIRs and connected money-laundering proceedings where coercive action affects fundamental intere...
Partial denial of exemption for benefit to specified persons was confined to the income said to have been diverted; the broader exemption under sections 11 and 12 was not forfeited in full, and the 15 per cent amount treated as deemed application under section 11 was deleted. A payment to a related concern was not hit by the specified concern rule because the trustee's voting power was below the 20 per cent threshold, and a procedural error in Form 10B did not defeat the exemption claim. Capital expenditure was also allowed as application of income on an accrual basis, with supporting invoices, disclosure in the balance sheet, and replies to notices sufficient on the facts.
Partial denial of exemption for benefit to specified persons was confined to the income said to have been diverted; the broader exemption under sections 11 and 12 was not forfeited in full, and the 15 per cent amount treated as deemed application under section 11 was deleted. A payment to a related concern was not hit by the specified concern rule because the trustee's voting power was below the 20 per cent threshold, and a procedural error in Form 10B did not defeat the exemption claim. Capital expenditure was also allowed as application of income on an accrual basis, with supporting invoices, disclosure in the balance sheet, and replies to notices sufficient on the facts.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4792
Join Channel
TaxTMI 
