Pre-trial bail granted where custodial period, documentary prosecution, and magistrate-triable offence favor release subject to surety and no witness ...
Allowability of Salary Exemptions: Form 16 entries can substantiate HRA and other salary exemptions, and home loan interest is deductible for a self-o...
Capital gains exemption: payment for plot, architect fees and bona fide commencement of construction can satisfy utilisation requirement and secure re...
A sanctioned scheme of demerger vests specified assets in the resulting companies; those vested assets cannot be attached to satisfy the tax liability of the demerged transferor. The attachment impugned was held unsustainable as it targeted property vested in a resulting company, but the tax authority remains competent to attach those vested assets independently to recover the resulting company's own Wealth Tax liability. The petitioner is protected from penal consequences while statutory appeals filed under the Wealth Tax Act remain pending. Writ petition partly allowed with liberty as stated.
A sanctioned scheme of demerger vests specified assets in the resulting companies; those vested assets cannot be attached to satisfy the tax liability of the demerged transferor. The attachment impugned was held unsustainable as it targeted property vested in a resulting company, but the tax authority remains competent to attach those vested assets independently to recover the resulting company's own Wealth Tax liability. The petitioner is protected from penal consequences while statutory appeals filed under the Wealth Tax Act remain pending. Writ petition partly allowed with liberty as stated.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4814 
Join Channel 
