Exemption withdrawal under Section 154 without prior statutory notice violates natural justice and is invalid. Issue Whether a rectification order passed under Section 154 that withdraws a trust’s tax exemption and converts a granted refund into a tax demand is legally valid if it is issued without the mandatory prior notice and opportunity of being… Read More »
BSNL VRS 2019 payments constitute retrenchment compensation exempt under Section 10(10B), not Section 10(10C). Issue Whether the compensation received by BSNL employees under the BSNL Voluntary Retirement Scheme, 2019 is in the nature of retrenchment compensation (capital receipt) exempt under Section 10(10B), or a voluntary retirement payment governed by Section 10(10C). Facts The assessees were… Read More »
Lump-sum receipt for extinguishing development rights across entire land parcel is fully deductible against capital gains. Issue Whether the sum of Rs. 33 crores received by the assessee was a global settlement for extinguishing his entire bundle of rights across the whole 35,600 sq. mtrs. of land—constituting a “transfer” under Section 2(47)—entitling him to claim… Read More »