Business reorganisation requires recognition of successor's modified return; draft orders against dissolved transferor quashed and fresh review direct...
Pre-commencement R&D deduction denied where business had not commenced; deeming benefit requires tangible start of manufacture or commercial exploitat...
Priority of set-off: brought forward business losses must be adjusted before unabsorbed depreciation; procedural safeguards required for invoking rest...
Clause substitution in the trust deed was validly made and the trust beneficiaries comprise only relatives of the settlor; therefore the trust falls within the relatives-only exception to the gift-tax provision and the addition under Section 56(2)(x) relating to shares is deleted. Separately, an advance tax amount erroneously deposited in the trust PAN was not recorded in the earlier year, was later claimed as refund and accounted as a liability to the settlor; on these facts the amount is a repayable liability and not a gratuitous receipt, so the addition under the same provision is disallowed.
Clause substitution in the trust deed was validly made and the trust beneficiaries comprise only relatives of the settlor; therefore the trust falls within the relatives-only exception to the gift-tax provision and the addition under Section 56(2)(x) relating to shares is deleted. Separately, an advance tax amount erroneously deposited in the trust PAN was not recorded in the earlier year, was later claimed as refund and accounted as a liability to the settlor; on these facts the amount is a repayable liability and not a gratuitous receipt, so the addition under the same provision is disallowed.
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