Online bond platforms may offer overseas-regulated products and tax-specific bonds subject to disclosures, compliance safeguards and revised complianc...
Corporate guarantee valuation permits actual ascertainable commission while barring retroactive application and extended-period penalties for bona fid...
Proper-officer jurisdiction under UPGST penalty provisions upheld; participation on merits prevents bypassing the statutory appellate remedy through w...
Transitioned CENVAT credit may validly satisfy mandatory pre-deposit requirements for legacy service tax appeals through Electronic Credit Ledger debi...
Building-plan sanction charges require statutory authority; unauthorised fees and GST were quashed, while labour cess must follow prescribed collectio...
Pure-agent exclusion fails where hotel booking facilitators receive third-party services themselves, making entire customer consideration taxable as r...
Addition u/s 56(2)(vii)(b) - transfer under gift deed - family settlement- The Assessee contended that the transfer of land through a gift deed was part of a family settlement/arrangement between the parties involved. They argued that various documents, including a family settlement arrangement and MOUs, supported their position. The Revenue, however, maintained that the transfer was without consideration and fell within the ambit of deemed income under the Act. - The ITAT concluded that the transaction should be understood in the context of the broader arrangement and not in isolation. Therefore, the addition made by the AO was deemed unjustified, and the appeal of the Assessee was allowed.
Addition u/s 56(2)(vii)(b) - transfer under gift deed - family settlement- The Assessee contended that the transfer of land through a gift deed was part of a family settlement/arrangement between the parties involved. They argued that various documents, including a family settlement arrangement and MOUs, supported their position. The Revenue, however, maintained that the transfer was without consideration and fell within the ambit of deemed income under the Act. - The ITAT concluded that the transaction should be understood in the context of the broader arrangement and not in isolation. Therefore, the addition made by the AO was deemed unjustified, and the appeal of the Assessee was allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4801
Join Channel
TaxTMI 
