In one such case in Chennai, a man received cash gifts of Rs 85.03 lakh from his relatives. The Income Tax Department began making enquiries into the source of the Rs 85.03 lakh deposited by the man. The department also sent tax notices to the relatives who had given him the cash. The man eventually won relief in ITAT Chennai.
Four trustees of Sir Dorabji Tata Trust responded to accusations from vice-chairmen Venu Srinivasan and Vijay Singh. The trustees claimed the vice-chairmen breached fiduciary duties by not discussing concerns directly with them. They emphasized that Noel Tata's merger proposal aimed to maintain Tata Sons' unlisted status. Additionally, they stated that the complaints sent by Srinivasan and Singh were not shared with co-trustees.
The assessment threw up two separate issues. The first concerned jewellery worth Rs 67,39,949 that the woman had disclosed in Schedule AL of her income tax return. The tribunal also examined whether the Rs 12 lakh paid to the HUF represented a genuine brokerage expense when the same person, the HUF's Karta/coparcener, had already received another Rs 12 lakh for the same transaction.
GST Council plans to unveil substantial reforms aimed at improving business processes and facilitating growth. The proposed changes involve streamlined registration, easier refunds, and a more efficient input tax credit system. Decriminalisation measures are also proposed to alleviate issues for businesses with minor offenses. A focus is on reducing discretionary practices and using technology to minimize litigation. These reforms seek to enhance operational efficiency for both small and large enterprises.In one such case in Chennai, a man received cash gifts of Rs 85.03 lakh from his relatives. The Income Tax Department began making enquiries...
