Imported analyser diagnostic cartridges treated as accessories with analyser system, not standalone diagnostic reagents; extended limitation and penal...
Steel-timber construction shuttering/formwork tariff classification dispute: essential character held steel, classified as shuttering under Heading 73...
Family-linked property purchases using fabricated loan agreements and benami-style arrangements held to be crime proceeds; attachment upheld, appeal d...
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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