Statutory transfer formalities invalidated alleged share and property transfers, while retrospective record manipulation constituted oppression and mi...
Provisional attachment of laundered funds and equivalent-value property sustained, with statutory protection limited to pension, gratuity and providen...
Insolvency moratorium does not shield company officers from cheque dishonour prosecution for liability arising before corporate insolvency proceedings...
Income of a public charitable trust with objects of general public utility and no entitlement of members or trustees to any share in the income is not to be taxed at the maximum marginal rate merely because the trust is unregistered under sections 12AA/12AB and does not claim exemption under sections 11 to 13. The note states that the rule in section 164 applies to income receivable for beneficiaries with indeterminate or unknown shares and cannot be mechanically extended to every public charitable trust. Taxation should instead be at the normal rates applicable to an association of persons where no beneficiary share exists.
Income of a public charitable trust with objects of general public utility and no entitlement of members or trustees to any share in the income is not to be taxed at the maximum marginal rate merely because the trust is unregistered under sections 12AA/12AB and does not claim exemption under sections 11 to 13. The note states that the rule in section 164 applies to income receivable for beneficiaries with indeterminate or unknown shares and cannot be mechanically extended to every public charitable trust. Taxation should instead be at the normal rates applicable to an association of persons where no beneficiary share exists.
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