Fair-rent assessment requires consideration of lease terms, valuation principles and prevailing market rent; the certificate was quashed for fresh rev...
Document Identification Number compliance is satisfied when electronically communicated orders are promptly authenticated through a correctly identifi...
Industrial shrimp-feed machinery classification follows its commercial function, placing integrated production plants under the specific industrial fo...
Interest and other realizations of a co-operative bank under liquidation were held not taxable because section 21(2) of the DICGCI Act required all funds realized to be applied first toward repayment of DICGCI liabilities, leaving the bank with no dominion except for permitted liquidation expenses. The Tribunal applied the doctrine of diversion of income by overriding title and held that the amounts were diverted at source and never accrued as income to the assessee. As income did not accrue, the character of the receipt and the related set-off issue did not survive. The CIT(A)'s deletion of the addition was upheld and the Revenue's appeal failed.
Interest and other realizations of a co-operative bank under liquidation were held not taxable because section 21(2) of the DICGCI Act required all funds realized to be applied first toward repayment of DICGCI liabilities, leaving the bank with no dominion except for permitted liquidation expenses. The Tribunal applied the doctrine of diversion of income by overriding title and held that the amounts were diverted at source and never accrued as income to the assessee. As income did not accrue, the character of the receipt and the related set-off issue did not survive. The CIT(A)'s deletion of the addition was upheld and the Revenue's appeal failed.
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