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...
Tax payable is material to prosecution for failure to furnish a return under Section 276CC because the statutory exception depends on the assessee's tax liability. Where no assessment or other tax determination exists, the complaint does not allege tax payable, and a refund claim remains unaddressed, prosecution is misconceived. Wilful failure is also essential: the statutory presumption of culpable mental state may be rebutted through evidence showing no intent to evade tax. Evidence that property was jointly acquired, loan-financed, and that sale consideration was received by the spouse rebutted wilfulness. The convictions and sentences were set aside, and the assessee was acquitted.
Tax payable is material to prosecution for failure to furnish a return under Section 276CC because the statutory exception depends on the assessee's tax liability. Where no assessment or other tax determination exists, the complaint does not allege tax payable, and a refund claim remains unaddressed, prosecution is misconceived. Wilful failure is also essential: the statutory presumption of culpable mental state may be rebutted through evidence showing no intent to evade tax. Evidence that property was jointly acquired, loan-financed, and that sale consideration was received by the spouse rebutted wilfulness. The convictions and sentences were set aside, and the assessee was acquitted.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4905 
