Liquidator appointment under Section 34 requires consideration of creditor recommendations, valid professional authorisation, and preservation of vali...
Income-tax exemption for specified regulatory fees and government grants applies subject to non-commercial activity and continuing compliance conditio...
Digital accessibility audit and remediation deadlines extended, while all other disability-compliance obligations for regulated entities remain unchan...
The SC dismissed a Special Leave Petition challenging a Gujarat HC ruling due to an unexplained 292-day delay in filing. The underlying case concerned the Revenue's treatment of proceeds from shares of Sunrise Asian Ltd as unexplained income under s.68 rather than LTCG exempt under s.10(38). The HC had ruled in the assessee's favor, finding that exemption claims cannot be deemed bogus based on mere presumption when: (1) no evidence contradicted the assessee's position, (2) SEBI had not found the shares to be rigged, and (3) the assessee had held the shares for approximately two and a half years before selling them.
The SC dismissed a Special Leave Petition challenging a Gujarat HC ruling due to an unexplained 292-day delay in filing. The underlying case concerned the Revenue's treatment of proceeds from shares of Sunrise Asian Ltd as unexplained income under s.68 rather than LTCG exempt under s.10(38). The HC had ruled in the assessee's favor, finding that exemption claims cannot be deemed bogus based on mere presumption when: (1) no evidence contradicted the assessee's position, (2) SEBI had not found the shares to be rigged, and (3) the assessee had held the shares for approximately two and a half years before selling them.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4786
Join Channel
TaxTMI 
