A Memorandum of Family Arrangement recording the oral arrangement made does not require to be executed on a Stamp paper. The Supreme Court in Kale and Ors. v. Deputy Director of Consolidation and Ors. (1976) 3 SCC 119 has held as under: “It is well-settled that registration would be necessary only if the terms of… (read more)

Gift received by sister from brother is not taxable u/s 56(2)(x) (read more)

The Hon’ble High Court of Gujrat in the case of Pravinbhai M. Kheni v. ACIT [2013] 353 ITR 585 (Guj) (HC) observed that being a public company, ordinarily, provisions of section 179(1) of the Act could not be applied; however, if factors noted by Assistant Commissioner were duly established, it would certainly be a fit… (read more)

A) The Code of Criminal Procedure, 1973, is the codified legislation that governs the procedural aspect of the prosecutions under the Income-tax Act, 1961. Chapter XXII of the Act deals with prosecution and Section 290D(1) provides that the provisions of the Code of Criminal Procedure, 1973, shall apply to the proceedings before a special court… (read more)

Foreign Exchange Management Act, 1999 read with Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) Regulations, 2018 does not permit a Non-Resident Indian or an Overseas Citizen of India to purchase an agricultural land or farm house or plantation property in India. (read more)

If the law applicable to a particular jurisdiction requires to obtain Probate or Letters of administration from Court then same will have to be obtained even if there is a family settlement. It is also insisted by Societies for recording transfer and by Banks while sanctioning loans in case of subsequent transfers. a (read more)

If the Will becomes enforceable, nothing prevents the beneficiary from transferring his share to other beneficiary. The consequences post a valid transfer will follow. (read more)

The violation of the due process prescribed by law, in the back drop of the fundamental rights granted by the constitution of India is a sufficient reason for the invocation of the Writ Jurisdiction of the Jurisdiction High Court by as Assessee. However, the Courts are loath to interfere in the due process of law… (read more)

The violation of the Principles of Natural Justice, in the back drop of the fundamental rights granted by the constitution of India is a sufficient reason for the invocation of the Writ Jurisdiction of the Jurisdiction High Court by as Assessee. However, the Courts are loath to interfere in the due process of law in… (read more)

The new provision of section 12AB of the Act, was introduced vide Finance Act, 2020. The same was made applicable from April 01, 2021. However, on account of the pandemic, the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 was enacted which further postponed the due date several times. Finally, the… (read more)