Clubbing of income from gifted property failed where the claim surfaced after reassessment limitation, sustaining capital-gains assessment in spouse's...
Employee stock-option discount qualifies as revenue expenditure, while royalty and service comparables require reliable functional and transactional b...
Special insurance income computation preserves statutory deductions while limiting transfer-pricing, withholding and disallowance adjustments for gene...
Retention of seized jewellery under PMLA was sustained because interlinked accounts, fund movements and jewellery payments supplied a prima facie nexus with proceeds of crime. The inquiry may cover property held by a person not accused of the scheduled offence where the property is connected with, or requires examination regarding, such proceeds. Recovery from a joint family residence and lack of transaction-wise tracing for individual items did not negate the nexus. Defective initial service of notice did not invalidate adjudication because participation and opportunity to defend caused no identified prejudice.
Retention of seized jewellery under PMLA was sustained because interlinked accounts, fund movements and jewellery payments supplied a prima facie nexus with proceeds of crime. The inquiry may cover property held by a person not accused of the scheduled offence where the property is connected with, or requires examination regarding, such proceeds. Recovery from a joint family residence and lack of transaction-wise tracing for individual items did not negate the nexus. Defective initial service of notice did not invalidate adjudication because participation and opportunity to defend caused no identified prejudice.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4918 
