PMLA anticipatory bail requires satisfaction of twin conditions, while predicate-offence protection does not extend to independent money-laundering pr...
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Correct head of income - transactions of dealing in shares - The Appellate Tribunal upheld the Commissioner of Income-tax (Appeals)'s decision regarding two key issues. Firstly, it affirmed that the income earned from trading in shares should be treated as Short Term Capital Gains, not business income, based on the intention of the assessee and the nature of transactions. Secondly, it supported the allowance of exemption claimed by the assessee under section 54F of the Income-tax Act, noting that the basic condition of investment within the prescribed period was fulfilled, even though a portion of the investment was made after the due date of filing the return of income.
Correct head of income - transactions of dealing in shares - The Appellate Tribunal upheld the Commissioner of Income-tax (Appeals)'s decision regarding two key issues. Firstly, it affirmed that the income earned from trading in shares should be treated as Short Term Capital Gains, not business income, based on the intention of the assessee and the nature of transactions. Secondly, it supported the allowance of exemption claimed by the assessee under section 54F of the Income-tax Act, noting that the basic condition of investment within the prescribed period was fulfilled, even though a portion of the investment was made after the due date of filing the return of income.
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