Unlawful outward remittances via Hawala using proforma invoices and electronic records proved; documents admitted, directors penalised, penalties redu...
Attachment of equivalent-value properties as proceeds of crime upheld; preventive attachment order and confirmation sustained; no independent ED reinv...
Broker trading-system "technical glitch" redefinition and narrowed incident-reporting regime for large IBT/STWT brokers requiring 2-hr notice and 14-w...
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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