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High Court of Karnataka Dismisses Revenue's Appeal in Income Tax Case — Capital Gains from Sale of Agricultural Land Held Not Taxable. Land Used for Agriculture and Not Within Urban Limits Under Section 2(14)(iii) of Income Tax Act, 1961.

The case involves appeals filed by the Revenue under Section 260-A of the Income Tax Act, 1961, challenging the order of the Income Tax Appellate Trib...

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Supreme Court Upholds Revenue's Assessment Under Section 44D of Income-tax Act Despite Income Not Being Taxable at Time of Asset Transfer. Partners of Firm That Transferred Assets to Non-Resident Corporation Assessable on Corporation's Income as They Acquired Right to Enjoy Income by Means of Transfer.

The case arose from a dispute under the Indian Income-tax Act, 1922 concerning the assessment of partners of a firm that had transferred assets to a n...

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Supreme Court Orders Central Empowered Committee to Identify Mining Leases Operating in Violation of Environmental and Forest Laws in Odisha. Court Finds Prima Facie Case of Illegal Mining and Directs Preparation of List of Defaulting Lessees for Interim Relief Under Article 32.

The writ petitions under Article 32 of the Constitution were filed by Common Cause and Prafulla Samantra, alleging rampant illegal mining in the Keonj...

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Supreme Court Directs Suspension of Mining Operations and Investigation into Illegal Mining in Odisha. Lessees Operating Without Statutory Clearances Under Environment and Forest Laws Ordered to Stop Mining, and CEC to List Violators.

These writ petitions under Article 32 of the Constitution brought to light a massive mining scandal in the Keonjhar, Sundergarh, and Mayurbhanj distri...

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Bombay High Court at Aurangabad Hears Letters Patent Appeal Against Dismissal of Review in Kulkarni Watan Land Regrant Case. Decides on Rights of Purchaser Versus Successors of Original Watandar Under Bombay Paragana and Kulkarni Watans (Abolition) Act, 1950.

The dispute involved lands bearing Survey Nos. 135 and 144 at Jamda, Jalgaon, originally held as Kulkarni Watan. In 1944, the vendor Ramchandra Tembul...

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Supreme Court Upholds Assessment of Profit from Land Transaction as Adventure in Nature of Trade. Single Transaction of Purchase and Subdivision of Estate into Plots with Resale Held to Constitute Business Profit Under Section 34(1)(a) of Income-tax Act, 1922.

The assessee, P. M. Mohammad Meerakhan, entered into an agreement on 15th August 1955 to purchase 477.71 acres of land called Kuttikal Estate for Rs. ...