PMLA anticipatory bail requires satisfaction of twin conditions, while predicate-offence protection does not extend to independent money-laundering pr...
School-affiliation charges remain taxable where not directly connected with examinations, while extended limitation requires proof of deliberate tax e...
Reopening of assessment u/s 147 for assessing Long Term Capital Gain on sale of land in Financial Year 2005-06. Assessing Officer (AO) adopted full value consideration u/s 50C(1) without issuing show cause notice or allowing cost of acquisition. Assessee claimed exemption u/s 54B. Appellate Tribunal held AO unjustified in making addition without allowing cost of acquisition or ascertaining fair market value as on 01.04.1981. Registered valuer reported guideline value lower than value adopted by AO, requiring verification. Fair market value to be determined u/s 50C(2). Matter remanded to AO for fresh adjudication considering cost of acquisition, fair market value u/s 50C(2), and exemption claim u/s 54B after giving assessee opportunity of hearing.
Reopening of assessment u/s 147 for assessing Long Term Capital Gain on sale of land in Financial Year 2005-06. Assessing Officer (AO) adopted full value consideration u/s 50C(1) without issuing show cause notice or allowing cost of acquisition. Assessee claimed exemption u/s 54B. Appellate Tribunal held AO unjustified in making addition without allowing cost of acquisition or ascertaining fair market value as on 01.04.1981. Registered valuer reported guideline value lower than value adopted by AO, requiring verification. Fair market value to be determined u/s 50C(2). Matter remanded to AO for fresh adjudication considering cost of acquisition, fair market value u/s 50C(2), and exemption claim u/s 54B after giving assessee opportunity of hearing.
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