Reopening of Assessment Valid Based on Post-Survey Evidence of Taxable Gross Revenue Receipts Issue Whether the revenue authorities were justified in reopening assessments and taxing an assessee’s 35% share of an Association of Persons (AOP) gross sale receipts as taxable business revenue rather than exempt profit, based on fresh tangible material found during a survey… Read More »
Advance Salary Loan Is Not a Benami Transaction Aimed at Defeating Demonetization Purpose Issue Whether the Initiating Officer (I.O.) was justified under the Benami Act in attaching the salary bank account of a college mess employee on the assumption that a routine salary advance from his employer’s Trust Chairman was actually a hidden arrangement to… Read More »
Routing Demonetised Cash Through Another’s Bank Account Constitutes a Benami Transaction, but Attachment Modified by Taxes Paid Issue Whether handing over demonetised cash to a third party to deposit into their bank account and subsequently routing it back through banking channels constitutes a “benami transaction” under Section 2(9) of the Prohibition of Benami Property Transactions… Read More »
OpenAI’s Pivot Back to Tech-First Leadership: Merging ChatGPT and Codex into One “Super App” In a massive internal restructuring aimed at streamlining its product focus and preparing for a massive public debut, OpenAI has officially dismantled the separate walls dividing its three flagship offerings. The company is consolidating ChatGPT, the AI coding agent Codex, and… Read More »
Taxability of senior citizen saving scheme under Income Tax The taxability of the Senior Citizen Savings Scheme (SCSS) is structured under a “Taxed-Exempt-Taxed” framework, meaning you get tax relief on the investment but your regular earnings from it are fully taxable. Here is the exact breakdown of how your principal, interest, and TDS are handled… Read More »