Inherited property sale proceeds require capital-gains treatment where ownership is supported by evidence, not suspicion or unverified signature doubt...
Cross-examination of retracted statements is essential where foundational evidence supports a benami allegation and documented funding explanations re...
Capital-goods exemption covers plant-modernisation accessories, while the import restriction applies only to earlier capital-goods components and spar...
Constitutional judicial review permits challenges to ECIRs and connected money-laundering proceedings where coercive action affects fundamental intere...
For private discretionary trusts whose income is chargeable at the maximum marginal rate, surcharge on income tax is to be computed by reference to the slab rates prescribed in the Finance Act for the relevant year. Applying the Special Bench ruling in Aradhya Jain Trust, the ITAT held that the assessee correctly claimed surcharge at 15% and that the lower appellate authority erred in sustaining surcharge at 25%. The order of the CIT(A) was set aside and the assessee's claim was accepted.
For private discretionary trusts whose income is chargeable at the maximum marginal rate, surcharge on income tax is to be computed by reference to the slab rates prescribed in the Finance Act for the relevant year. Applying the Special Bench ruling in Aradhya Jain Trust, the ITAT held that the assessee correctly claimed surcharge at 15% and that the lower appellate authority erred in sustaining surcharge at 25%. The order of the CIT(A) was set aside and the assessee's claim was accepted.
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