Daily Archives: February 9, 2021

Provisional attachment in Fake Invoice cases Section 281B of the Act contains provisions which provide that in cases of assessment or reassessment the Assessing Officer may provisionally attach any property of the assessee, if necessary, in order to protect the interest of revenue. This can be done only with prior approval of Pr. Chief Commissioner… Read More »

Rationalisation of provision of transfer of capital asset to partner on dissolution or reconstitution The existing provisions of section 45 of the Act inter alia, provides that any profits or gains arising from the transfer of a capital asset shall be chargeable to income-tax under the head Capital gains and shall be deemed to be… Read More »