Maintainability of a Section 7 insolvency petition against a financial service provider denied; appeal dismissed for non maintainability and complex d...
Provisional attachment under Prevention of Money Laundering Act requires exhaustion of statutory remedies; impugned order set aside, appeal to tribuna...
Restoration of property under Prevention of Money Laundering Act after attachment dispute rendered academic; possession directed to successful resolut...
Whether interest on enhanced compensation is taxable or exempt: Holding that plain language of s.56(2)(viii) read with s.145B(1) brings interest on enhanced compensation under "income from other sources," and s.10(37) covers only compensation (not interest); outcome-interest is exigible to tax and exemption claim fails. Whether revision u/s 263 was justified: PCIT found AO failed to make requisite statutory and judicial inquiries (including jurisdictional HC precedents), rendering the assessment erroneous and prejudicial; outcome-revision u/s 263 was valid and recomputation under s.56(2)(viii) r.w.s.145B(1) with s.57(iv) deduction affirmed. - ITAT
Whether interest on enhanced compensation is taxable or exempt: Holding that plain language of s.56(2)(viii) read with s.145B(1) brings interest on enhanced compensation under "income from other sources," and s.10(37) covers only compensation (not interest); outcome-interest is exigible to tax and exemption claim fails. Whether revision u/s 263 was justified: PCIT found AO failed to make requisite statutory and judicial inquiries (including jurisdictional HC precedents), rendering the assessment erroneous and prejudicial; outcome-revision u/s 263 was valid and recomputation under s.56(2)(viii) r.w.s.145B(1) with s.57(iv) deduction affirmed. - ITAT
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