Pre-trial bail granted where custodial period, documentary prosecution, and magistrate-triable offence favor release subject to surety and no witness ...
Allowability of Salary Exemptions: Form 16 entries can substantiate HRA and other salary exemptions, and home loan interest is deductible for a self-o...
Capital gains exemption: payment for plot, architect fees and bona fide commencement of construction can satisfy utilisation requirement and secure re...
Advance received under an agreement to sell land was held to constitute part performance of transfer rather than forfeiture where no forfeiture clause or evidence of forfeiture existed and the asset remained in the registered names; consequently the amount is not taxable as income from other sources. The advance received will be adjusted against cost of acquisition when the property is ultimately sold and long-term capital gains will be computed accordingly. The characterization turned on absence of forfeiture, existence of part performance/transfer in part performance and the continued legal title in the assessee and spouse.
Advance received under an agreement to sell land was held to constitute part performance of transfer rather than forfeiture where no forfeiture clause or evidence of forfeiture existed and the asset remained in the registered names; consequently the amount is not taxable as income from other sources. The advance received will be adjusted against cost of acquisition when the property is ultimately sold and long-term capital gains will be computed accordingly. The characterization turned on absence of forfeiture, existence of part performance/transfer in part performance and the continued legal title in the assessee and spouse.
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