Donor-directed corpus contributions retain capital character despite exemption claims under section 10(23C)(vi), preventing their treatment as taxable...
Enhanced tax-audit threshold applies where banking records establish compliant non-cash receipts and payments, eliminating penalty exposure for audit ...
Transfer pricing consistency protects identical non-interest-bearing debenture terms from a later notional-interest adjustment without valid statutory...
Rectification of debatable deduction claims cannot reverse scrutiny-approved co-operative society interest income deductions as apparent record errors...
Cash-method accounting bars presumptive interest taxation, while unsupported securities and share-trading additions require reliable material and veri...
The ITAT held that foreign salary earned in Sweden and credited to a Swedish bank account formed part of a foreign asset for Black Money Act purposes, so any taxability would arise only in the year the asset came to the AO's notice, not in the year the salary was earned. On the facts, information reached the Department only in November 2021, making the AY 2016-17 addition unsustainable. The Tribunal also applied Article 15(1) of the India-Sweden DTAA and section 90(2) of the Income-tax Act, holding that the salary was not chargeable to tax in India because the employment was exercised in Sweden for a Swedish resident employer. The additions for AY 2016-17 and AY 2018-19 were deleted.
The ITAT held that foreign salary earned in Sweden and credited to a Swedish bank account formed part of a foreign asset for Black Money Act purposes, so any taxability would arise only in the year the asset came to the AO's notice, not in the year the salary was earned. On the facts, information reached the Department only in November 2021, making the AY 2016-17 addition unsustainable. The Tribunal also applied Article 15(1) of the India-Sweden DTAA and section 90(2) of the Income-tax Act, holding that the salary was not chargeable to tax in India because the employment was exercised in Sweden for a Swedish resident employer. The additions for AY 2016-17 and AY 2018-19 were deleted.
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