Issue of Taxability of Family Settlements – A High Court’s perspective

CLR Editorial Notes: The case involves a dispute between two groups in a family. While the litigation between the two groups on the family dispute was pending in the court, both the parties agreed to divide the assets and businesses owned by the family into two lots containing two units each of the business in… Read More

Tags: CITImmovable propertyIncome taxIncome Tax Act 1961owelty

Income not offered to taxation due to an inadvertent mistake does not attract a penalty under section 271(1)(c)

CLR Editorial Note: The case involved an assessee who had claimed deduction/ exemption of interest on tax-free bonds of a certain  amount. The assessee had inadvertently treated taxable interest of Rs. 75 lakhs as being tax-free and offered the said sum to tax.  The Assessing Officer levied a penalty u/s 271(1)(c) for concealment of income/ filing… Read More

Tags: AppealCITIncome taxIncome Tax Act 1961IndiaMumbaiSupreme Court

Restraining for engaging in same line of business for 7 years is capital in nature and amounts to a depreciable intangible asset under the IT Laws

CLR Editorial Notes: In the present case, the appellant is a joint-venture between M/s. Sharp & L&T. Apparently, the agreement entered into with the L&T in view of the changed relationship ensures that the latter does not enter into the same business. The High Court of Delhi has held that has held that undoubtedly, it… Read More

Tags: AppealCapital expenditureCITDelhi High CourtIncome taxIndiaSharp CorporationThe Silver Chair

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