Maintainability of a Section 7 insolvency petition against a financial service provider denied; appeal dismissed for non maintainability and complex d...
Provisional attachment under Prevention of Money Laundering Act requires exhaustion of statutory remedies; impugned order set aside, appeal to tribuna...
Restoration of property under Prevention of Money Laundering Act after attachment dispute rendered academic; possession directed to successful resolut...
Goods Transport Agency services via e commerce portals: consignment note creates custody and liability and enables exemption for unregistered recipien...
An agreement must be read as a whole; on that basis the authorities correctly found that the JDA constituted a transfer of land chargeable in AY 2005 06, but the court directed that capital gains should not be taxed again in AY 2005 06 where the same sale consideration has already been subjected to tax in AYs 2007 08 and 2008 09. The principle that income is taxable in the relevant assessment year and in the hands of the correct assessee was applied, and the capital gains addition for AY 2005 06 was set aside subject to verification by the Assessing Officer that the consideration was already taxed later.
An agreement must be read as a whole; on that basis the authorities correctly found that the JDA constituted a transfer of land chargeable in AY 2005 06, but the court directed that capital gains should not be taxed again in AY 2005 06 where the same sale consideration has already been subjected to tax in AYs 2007 08 and 2008 09. The principle that income is taxable in the relevant assessment year and in the hands of the correct assessee was applied, and the capital gains addition for AY 2005 06 was set aside subject to verification by the Assessing Officer that the consideration was already taxed later.
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