Deductibility of settlement payments for securities law penalties and treatment of unexplained cash credits in share trading -- Tribunal upholds posit...
Threshold for allottee-initiated insolvency petitions in leasehold real estate upheld; petition admitted after possession letters deemed legally ineff...
Contravention of foreign exchange rules in crossborder diamond payments; appellate tribunal reduces one appellant's penalty for delay and proportional...
RPA (Remote Pilot Aircraft) for military use defined to include drones/UAV/UAS; exemptions limited to specified defence imports with Joint Secretary c...
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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