Income Tax Case Laws

Background of the case In a recent ruling, the Bangalore Income-tax Appellate Tribunal (‘the Tribunal’), in the case of Buckeye Trust, examined the taxation of a discretionary trust where the trustee has discretion to add beneficiaries other than relatives of the settlor. Further, the Tribunal ruled that “interest in a partnership firm” falls within the […]

Background In a recent ruling, the Mumbai Income-tax Appellate Tribunal (“the Tribunal”), in the case of Lupin Investments Private Limited (“the Company”), examined the applicability of Section 56(2)(viia) of the Income Tax Act, 1961 (“IT Act”) to the buyback of shares by a closely held company. The Tribunal analysed whether the extinguishment of equity shares […]

Background In a recent ruling, the Mumbai Income-tax Appellate Tribunal (“the Tribunal”), in the case of Digital Insight India Products Private Limited, examined the classification of a business transfer as a slump sale under Section 2(42C) of the Income-tax Act, 1961 (“IT Act”). The Tribunal analysed whether the lump sum sale of business, without assigning […]

Background In a recent ruling, the Delhi Income-tax Appellate Tribunal (“the Tribunal”), in the case of Bharti Airtel Limited (“the Company”), examined tax implications arising from the demerger of the consumer wireless business undertaking of Tata Teleservices Limited (TTSL) into Bharti Airtel under a scheme of arrangement sanctioned by the NCLT under sections 230–232 of […]