Deciding two connected writ petitions arising from a common Industrial Tribunal Award, the Delhi High Court set aside the Tribunal's direction granting hotel workmen a further…
Labour Laws
06/09/20264 min read
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ITAT Rules S.56(2)(x) Inapplicable to Property Transaction Due to Execution of Agreement Before 01 April 2017
Income TaxOther Legal Matters
The ITAT ruled that Section 56(2)(x) of the Income Tax Act, which deals with the taxation of gifts and property received without adequate consideration, does not apply to a property transaction where the agreement was executed before April 1, 2017. This decision provides relief to taxpayers involved in similar transactions, clarifying that the law cannot be applied retrospectively in such cases.
