Urban agricultural land within statutory limits is taxable as a capital asset. Registered sale deed consideration prevails unless contrary evidence exists. Exemption under Section 54F cannot be denied on technicalities if substantive bank evidence supports construction investment. Mere assertion of ancestral origin is insufficient to establish co-ownership without documentary proof.
| Posted on: September 5, 2025 |
Case Note Analysis: Krishnagopal B. Nangpal v. DCIT 1. Case Overview Citation: 2025:BHC-OS:11546-DB Court: Bombay High Court Bench: Sandeep V. Marne, J. & Chief Justice…
| Posted on: August 3, 2025 |
(1) The power exercised by the proper officer under Section 110(5) of the Customs Act, 1962 in directing provisional attachment of the bank account of…
| Posted on: March 24, 2024 |
The principle of mutuality is rooted in common sense. A person cannot make a profit from herself. This implies that a person cannot earn profit from an association that he shares a common identity with. The essence of the principle lies in the commonality of the contributors and the participants who are also beneficiaries. There has to be a complete identity between the contributors and the participants. Therefore, it follows, that any surplus in the common fund shall not constitute income but will only be an increase in the common fund meant to meet sudden eventualities
| Posted on: September 8, 2023 |
The benefit of exemption under section 11 cannot be denied to the entire income of the charitable trust but should be restricted only to the extent of income diverted in breach of Section 13 of the Act
| Posted on: September 20, 2022 |
In conformity with the Government’s policy of facilitating Ease of Doing Business and decriminalisation of offences, CBDT has taken steps in this direction and issued revised Guidelines for Compounding of offences under the Income-tax Act, 1961(the ‘Act’) dated 16.09.2022 with reference to various offences covered under the prosecution provisions of the Act.
| Posted on: September 18, 2022 |