Receipt of immovable property requires actual possession or enjoyment; redevelopment allotments exchanged for tenancy rights fall outside deemed incom...
Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
Provisional attachment of the subject land u/s 281B - Rights of transferee or a partner’s interest - The assessee in the case on hand is Inviddual / Partner. The provisional attachment is of the property, which belongs to the writ-applicant (Partnership Firm). The plain language of the provision of Section-281B is plain and simple. It provides for the attachment of the property of the assessee only and of no one-else. The golden rule of interpretation of the statutes is that the statute has to be construed according to its plain, literal and grammatical meaning, unless it leads to absurdity. The subject land i.e. Block No.142 not being the property of the assessee as such, was not open to provisional attachment. - HC
Provisional attachment of the subject land u/s 281B - Rights of transferee or a partner’s interest - The assessee in the case on hand is Inviddual / Partner. The provisional attachment is of the property, which belongs to the writ-applicant (Partnership Firm). The plain language of the provision of Section-281B is plain and simple. It provides for the attachment of the property of the assessee only and of no one-else. The golden rule of interpretation of the statutes is that the statute has to be construed according to its plain, literal and grammatical meaning, unless it leads to absurdity. The subject land i.e. Block No.142 not being the property of the assessee as such, was not open to provisional attachment. - HC
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