Infrastructure-development deduction remains available to EPC contractors when substantive statutory conditions outweigh contractor labels in agreemen...
Explained Investment Sources: documented gifts and traceable salary savings supported deletion of additions for property and mutual-fund SIP investmen...
Internal comparable pricing supports arm's-length interest on compulsorily convertible debentures, preventing their recharacterisation as equity for t...
Nominee director protection shields independent financial-institution appointees from criminal liability where they lack involvement in deposit defaul...
HC held that Sections 269-UN and 293 of Income Tax Act, 1961 do not bar civil court jurisdiction in the present suit. The court found no impediment to plaintiffs seeking declaration of property re-vestment, as the suit does not challenge or modify any income tax order. The single judge's earlier order was set aside, with the suit restored for expedited hearing. The court ruled against revenue authorities, determining that the statutory provisions do not prevent judicial review of the specific legal claim. No costs were awarded, and the original proceedings shall continue until final disposal.
HC held that Sections 269-UN and 293 of Income Tax Act, 1961 do not bar civil court jurisdiction in the present suit. The court found no impediment to plaintiffs seeking declaration of property re-vestment, as the suit does not challenge or modify any income tax order. The single judge's earlier order was set aside, with the suit restored for expedited hearing. The court ruled against revenue authorities, determining that the statutory provisions do not prevent judicial review of the specific legal claim. No costs were awarded, and the original proceedings shall continue until final disposal.
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