Attachment and proclamation of sale of immovable property: limitation treated from financial year end; proclamation held within period, petition dismi...
Second Schedule attachment and validity of a post-notice mortgage: TRO cannot declare mortgage void ab initio; sale and appropriation allowed thereaft...
Limitation for final assessment under sections 144C and 153 treated jointly, resulting in quashing of timebarred assessment order and liberty to reviv...
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...
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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