Specified regulatory authority income receives conditional tax exemption, subject to non-commercial activity, unchanged income character, and return f...
Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return-filing...
Input tax credit conditions remain constitutionally valid, with eligible recipient claims considered under GST circulars and retrospective filing dead...
Bogus donation receipts justified commission income assessment and defeated political-party tax exemption for inaccurate accounts and reporting failur...
Pure reimbursement without income element escapes tax withholding, while delayed withholding and unsupported provisions face deferred or renewed scrut...
Public benefit requirement defeats charitable registration where residents' association services are reciprocal, member-only facilities governed by mu...
Long-term capital loss from share sales could not be adjusted against long-term capital gains exempt under Article 13(4) of the India-Mauritius DTAA, because such exempt gains did not enter the Indian computation of total income. Applying section 90(2), the Tribunal held that the taxpayer could rely on the treaty for exempt gains and on the Act for more beneficial treatment in relation to carry forward of loss. It also treated gains and losses from separate share transactions as distinct sources under the same head. The restriction on carry forward after set-off against treaty-exempt gains was unsustainable, and the loss was directed to be carried forward without such adjustment.
Long-term capital loss from share sales could not be adjusted against long-term capital gains exempt under Article 13(4) of the India-Mauritius DTAA, because such exempt gains did not enter the Indian computation of total income. Applying section 90(2), the Tribunal held that the taxpayer could rely on the treaty for exempt gains and on the Act for more beneficial treatment in relation to carry forward of loss. It also treated gains and losses from separate share transactions as distinct sources under the same head. The restriction on carry forward after set-off against treaty-exempt gains was unsustainable, and the loss was directed to be carried forward without such adjustment.
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