Transfer pricing comparability requires functional alignment, reliable financial data, and careful review of working capital and receivables adjustmen...
Transfer pricing rules require benchmarking corporate guarantees and associated-enterprise advances, while invalid domestic-transaction adjustments ca...
Prospective sugar export prohibition required registered letters of credit; private contracts and export quotas created no enforceable continuation ri...
Retroactive interim-moratorium exclusion permits protective asset disclosure and preservation measures against personal guarantors pending arbitration...
Compensation received under an award passed by the Land Acquisition Officer u/s 24(1) of the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 is not exigible to income tax under the Income Tax Act, 1961. Section 10(37) of the Income Tax Act, 1961 exempts income arising from the transfer of agricultural land by way of compulsory acquisition from capital gains tax. Circular No. 36 of 2016 issued by the Ministry of Finance clarifies that compensation received for compulsory acquisition of agricultural or non-agricultural land is exempted from income tax u/s 96 of the Land Acquisition Act, 2013, except for the amount received u/s 46. The High Court dismissed the petition as infructuous, finding no assessment order or demand notice issued by the Income Tax Authority against the petitioner.
Compensation received under an award passed by the Land Acquisition Officer u/s 24(1) of the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 is not exigible to income tax under the Income Tax Act, 1961. Section 10(37) of the Income Tax Act, 1961 exempts income arising from the transfer of agricultural land by way of compulsory acquisition from capital gains tax. Circular No. 36 of 2016 issued by the Ministry of Finance clarifies that compensation received for compulsory acquisition of agricultural or non-agricultural land is exempted from income tax u/s 96 of the Land Acquisition Act, 2013, except for the amount received u/s 46. The High Court dismissed the petition as infructuous, finding no assessment order or demand notice issued by the Income Tax Authority against the petitioner.
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