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...
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The HC set aside the impugned penalty order against the petitioner, an Executive Director in a public limited company, finding no merit in the respondents' contentions. The orders failed to establish the petitioner's personal liability for the company's defaults under the FTDR Act regarding non-fulfilment of export obligations. The HC held that the show-cause notice and OIO did not provide reasoning for fastening liability on the petitioner, violating principles of natural justice. The petitioner's involvement was limited to signing a power-of-attorney on behalf of the company pursuant to a board resolution.
The HC set aside the impugned penalty order against the petitioner, an Executive Director in a public limited company, finding no merit in the respondents' contentions. The orders failed to establish the petitioner's personal liability for the company's defaults under the FTDR Act regarding non-fulfilment of export obligations. The HC held that the show-cause notice and OIO did not provide reasoning for fastening liability on the petitioner, violating principles of natural justice. The petitioner's involvement was limited to signing a power-of-attorney on behalf of the company pursuant to a board resolution.
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