Friday, July 24, 2015


Special Olympics World Games 2015

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C. S. Atwal vs. CIT (Punjab & Haryana High Court)

Click here to download the file in pdf format

This is about tax on 'advances' already received under  JDA ; 
Taxation whereof, -aseesee  (s) having been a willing party and conceded,- has been left

Leaving one thoroughly confused; as the conclusion reached, if read with / having regard the host of observations and crucial findings, is incomprehensible, being  prima facie in-congruent.

In short,  the already prevailing controversies galore, in the matter of  CGT on JDA in general, seem to have been further muddled up.

Why Say So < Consider the contextual relevance of  Sec 51; and its amendment by the Finance (2) Act of 2014, w.e.f  01-04-2015.  

< Cross Refer Posted Comments @ itatonline (also, on Facebook)


Leaves it to govt to make report public; Revenue Secretary says more work ahead

Revenue Secretary Shaktikanta Das said the report would not be made public for now.
Yet, according to reliable sources, the Shah panel was not in favour of levy of MAT on FIIs even for the period prior to April 1, 2015. This year’s Budget had specifically provided that FIIs would not be subjected to MAT for transactions undertaken post April 1.
Das said the government would in the next 10 days firm up its view on the stance it should take before the Supreme Court in the Castleton case. The Castleton case is slated to be heard by the apex court on August 4. Mauritius-based Castleton had approached the Supreme Court against a 2012 ruling by the Authority for Advance Rulings (AAR), which had said the company would have to pay MAT on capital gains arising from sale of shares.
‘Legacy issues’

The Secretary also said that there will be “other issues” that will be soon referred to the Shah panel. These are basically the “legacy issues” on taxation (referred to by Finance Minister Arun Jaitley), he said.
It is widely perceived that the “legacy issues” may relate to Vodafone-type disputes that have made life difficult for the Modi-led Government.

So called / dubiously refereed to   "legacy issues" stands out as a striking instance, the rarest of all thus-far-heard-of , For,  to fit into the change in the basic pattern of human thinking - of we the modern sapiens,-  rather by way of 'updating', the concept of 'legacy', that has come to be forcefully changed, violently so, and extended to purely technical or legal or legitimate issues of the type as have surfaced as in the infamous  'Vodafone' or similar cases; and lately, as in Casrleton case. For knowing why to say so, and having individualistic thoughts cleared, simply a quick look into the legal or commonly understood and widely accepted meaning of 'legacy' alone might help.

Not Irrelevant (by whatever thinking or reasoning):

A disposition of Personal Property by will.
In a narrow technical sense, a legacy is distinguishable from a devise, a gift by will of real property. This distinction, however, will not be permitted to defeat the intent of a testator—one who makes a will—and these terms can be applied interchangeably to either personal property or real property if the context of the will demonstrates that this was the intention of the testator.
A general legacy, a demonstrative legacy, and a specific legacy represent the three primary types of legacies.
West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.
n. a gift of personal property or money to a beneficiary (legatee) of a will. While technically, legacy does not include real property (which is a "devise"), legacy usually refers to any gift from the estate of one who has died. It is synonymous with the word "bequest." (will, beneficiary, bequest, legatee)
Copyright © 1981-2005 by Gerald N. Hill and Kathleen T. Hill. All Right reserved.
noun bequeathal, bequest, bestowal, dispensation, disposition, disposition of personalty, dotation, endowment, gift by will, gift of property by will, grant, heritance, impartment, inheritance, testaaentary gift
Associated concepts: absolute legacy, alternate legacy, charrtable legacy, conditional legacy, contingent legacy, cumuuative legacy, demonstrative legacy, general legacy, indefiiite legacy, lapsed legacy, pecuniary legacy, residuary legacy, special legacy, specific legacy

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