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...
Reverse charge and assignment of royalty collection: exemption for excess royalty collectors subject to reconciliation; leaseholders remain liable und...
Cash received over and above the registered sale consideration on transfer of jointly owned immovable properties was treated as additional sale consideration, not unexplained money. Section 69A applies only where a person is found to be owner of unrecorded money and cannot satisfactorily explain its nature and source; here, the Assessing Officer had accepted the receipt as on-money from the buyers. Because the source was identified as part of the sale transaction, the amount could not be taxed as unexplained money merely because it was received in cash and omitted from the sale deed. The capital gains computation had to be recomputed in each co-owner's hands according to their share.
Cash received over and above the registered sale consideration on transfer of jointly owned immovable properties was treated as additional sale consideration, not unexplained money. Section 69A applies only where a person is found to be owner of unrecorded money and cannot satisfactorily explain its nature and source; here, the Assessing Officer had accepted the receipt as on-money from the buyers. Because the source was identified as part of the sale transaction, the amount could not be taxed as unexplained money merely because it was received in cash and omitted from the sale deed. The capital gains computation had to be recomputed in each co-owner's hands according to their share.
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