Back
ASHA VIJAYARAGHAVAN, R.S.SYAL
Kanu Kumar Mukerji – Appellant
Versus
Assistant Commissioner of Income-tax, Circle 27(1), Mumbai – Respondent
R.S. Syal, Accountant Member. - This appeal by the assessee arises out of the order passed by the Commissioner of Income-tax (Appeals) on 5-1-2004 in relation to the assessment year 2001-02.
2. The only grievance raised through different grounds is against the direction of the learned CIT(A) of bringing to tax a sum of Rs. 32,75,716 under the head ‘Salaries’ in respect of stock option exercised by the assessee.
3. Briefly stated the facts of the case are that the assessee is employed at the Indian Branch Headquarters of American Express Bank Limited (hereinafter referred to as "AEBL") in the position of Senior Director. AEBL is a wholly owned subsidiary of the American Express International Banking Corporation, New York, which in turn is a wholly owned subsidiary of American Express Company, New York (hereinafter called ‘Amexco’). The assessee showed total income in the revised return at Rs. 66,65,177. The reason for revising the return was that he had not shown the capital gain of Rs. 2,35,310 in the original return, which resulted from sale of 385 shares of Amexco. The Assessing Officer observed that the assessee had not offered Rs. 32,75,716 for taxation, which represented sa
The main legal point established in the judgment is the binding effect of the settlement between the parties, the waiver of the right to seek re-employment by the workmen, and the entitlement of the ....
A lockout is justified if it is declared in response to an illegal strike or a strike that is in breach of a settlement or award.
The combination of eyewitness testimonies, recovery of the weapon used, and forensic examination results can establish guilt in criminal cases, even based on circumstantial evidence.
The conviction of an accused person under Section 27(3) of the Arms Act is not permissible in law if the accused is also charged with committing murder under Section 302 of the Indian Penal Code.
The court can enhance compensation based on the deceased's income and family dependency, and adjust the multiplier used by the Tribunal if found unjustified.
A valid signature must be in the candidate's own handwriting, as emphasized by the General Clauses Act and relevant case law.
An indispensable Tool for Legal Professionals, Endorsed by Various High Court and Judicial Officers
Please visit our Training & Support
Center or Contact Us for assistance
Scan Me!
India’s Legal research and Law Firm App, Download now!
For Daily Legal Updates, Join us on :
Back to top
