Judgements: Satya Nand Munjal vs CGT (Supreme Court)

The fundamental question is whether there was in fact a gift of 14,000 bonus shares made by the assessee to the transferee. The answer to this question lies in s. 4(1)(c) of the Gift-tax Act which provides that “where there is a release, discharge, surrender, forfeiture or abandonment of any debt, contract or other actionable […]

IT department allowed to claim Rs 1,090cr from IBM India

The Karnataka High Court on Tuesday paved the way for the income tax department to collect Rs 1,090 crore from IBM India as tax dues for assessment year 2008-09. On January 7, the Income Tax Appellate Tribunal had stayed the demand to pay the full amount subject to IBM paying Rs 50 crore. The high […]