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...
Foreign exhibition-sale income already assessed under the Income-tax Act through a final Settlement Commission order is excluded from undisclosed foreign income under the Black Money Act, 2015. Section 4(2) excludes foreign-source income variations made in assessment or reassessment under business-income provisions, while Sections 4(2) and 4(3) prevent the same income from being taxed again. Settlement proceedings culminating in a final order are described as a statutory mode of assessment; accordingly, foreign sales considered and taxed as business profits in those proceedings cannot be reassessed under the 2015 Act, as that would produce impermissible double taxation.
Foreign exhibition-sale income already assessed under the Income-tax Act through a final Settlement Commission order is excluded from undisclosed foreign income under the Black Money Act, 2015. Section 4(2) excludes foreign-source income variations made in assessment or reassessment under business-income provisions, while Sections 4(2) and 4(3) prevent the same income from being taxed again. Settlement proceedings culminating in a final order are described as a statutory mode of assessment; accordingly, foreign sales considered and taxed as business profits in those proceedings cannot be reassessed under the 2015 Act, as that would produce impermissible double taxation.
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