Income Declaration Scheme declarations can evidence share-capital sources, while round-tripped funds and cash-linked credits require further verificat...
Permanent establishment tests: independent subsidiary premises and principal-to-principal dealings did not create Indian taxability for offshore suppl...
Valuation Officer estimates govern property-value additions once statutory valuation is invoked, requiring fresh consideration of objections and compa...
Waiver of written show-cause notice may prevent a later procedural challenge after participation in customs adjudication, preserving statutory appella...
Retrospective invalidity of ocean-freight IGST supports refunds despite non-party status and prior credit utilisation, subject to authorised appeal gr...
From the commencement of personal bankruptcy, money standing to the bankrupt's credit in a bank account constitutes property vested by law in the Bankruptcy Trustee. Post-commencement withdrawals are therefore unauthorised dealings and must be returned, irrespective of claimed lack of knowledge where prior notice and creditor-meeting participation exist. Statutory exclusion for unencumbered personal ornaments is limited by prescribed conditions and a value cap; it does not extend to sale proceeds deposited in a bank account, particularly where the claimed proceeds exceed that cap. Recall of an ex parte return order requires demonstrated prejudice, which was not established. Both appeals were dismissed.
From the commencement of personal bankruptcy, money standing to the bankrupt's credit in a bank account constitutes property vested by law in the Bankruptcy Trustee. Post-commencement withdrawals are therefore unauthorised dealings and must be returned, irrespective of claimed lack of knowledge where prior notice and creditor-meeting participation exist. Statutory exclusion for unencumbered personal ornaments is limited by prescribed conditions and a value cap; it does not extend to sale proceeds deposited in a bank account, particularly where the claimed proceeds exceed that cap. Recall of an ex parte return order requires demonstrated prejudice, which was not established. Both appeals were dismissed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4894 
