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: CIT, Immovable property, Income tax, Income Tax Act 1961, owelty
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: Appeal, CIT, Income tax, Income Tax Act 1961, India, Mumbai, Supreme 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: Appeal, Capital expenditure, CIT, Delhi High Court, Income tax, India, Sharp Corporation, The Silver Chair
Subscribe to the Daily Journal
India’s Leading Compliance Software
Corporate Law Referencer
