It is the discretion of the Judge to hear the case or give an adjournment . (read more)

There is an amendment in Section 2(24) of the Income Tax Act by way of Finance Act 2015 w.e.f. 01.04.2014, whereby sub-clause (xviii) is inserted to include various subsidies and concessions in the definition of income. It states as under:- “2(24) – Income includes: (xviii) assistance in the form of a subsidy or grant or… (read more)

Recently, on April 15, 2024 in Writ Petition No. 4958 of 2024 the Bombay High Court in Sarafraz S. Furniturewalla v. Afsan Sharfali Ashok Kumar & Ors, has held that no TDS is required to be deducted on the amount payable as compensation for hardhip, rehabilitation and shifting as the same are not taxable in… (read more)

If A wants to transfer its business without transfer of its immovable property, then, he should withdraw immovable property from his business by debiting to his capital account. Thereafter, he can transfer his business with all remaining assets and liabilities as slum sale. Section 50B of the Act, provides for computation of capital gains in… (read more)