The Delhi Bench of Income Tax Appellate Tribunal has held that deeming provisions of Section 50C of the Income Tax Act cannot be applied for leasehold rights.The bench of Kul Bharat and Avdhesh Kumar Mishra has observed that only if a capital asset, be it land, a building, or both, is transferred and the consideration received or accruing as a. …
Since the income accrues or arises or is deemed to accrue or arise in the hands of KSWPL and not in the hands of the assessee, the Kolkata ITAT held that by invoking second limb of section 2 of the Income tax Act, accrual of income and its taxability cannot be held to be in the hands of the assessee. …
A California appeals court has upheld most of Proposition 22, a 2020 ballot measure that treats drivers for ride-hailing and food-delivery companies as independent contractors rather than employees. A California appeals court reversed most of a ruling invalidating Proposition 22, the state’s 2020 voter-approved gig economy law allowing giant ride-hailing and delivery companies to classify their workers as independent contractors …
