Online bond platforms may offer overseas-regulated products and tax-specific bonds subject to disclosures, compliance safeguards and revised complianc...
Corporate guarantee valuation permits actual ascertainable commission while barring retroactive application and extended-period penalties for bona fid...
Proper-officer jurisdiction under UPGST penalty provisions upheld; participation on merits prevents bypassing the statutory appellate remedy through w...
Transitioned CENVAT credit may validly satisfy mandatory pre-deposit requirements for legacy service tax appeals through Electronic Credit Ledger debi...
Building-plan sanction charges require statutory authority; unauthorised fees and GST were quashed, while labour cess must follow prescribed collectio...
Pure-agent exclusion fails where hotel booking facilitators receive third-party services themselves, making entire customer consideration taxable as r...
ITAT held that exemption under section 10(46) depends on the nature of the receipt and not on the year in which it is recognised in the accounts. Prior period regulatory receipts such as licence fees, advances and other regulatory income remained exempt because they were intrinsically linked to the statutory functions of the Commission, and the corresponding addition was deleted. The Tribunal also held that incidental non-commercial receipts, including interest on House Building Advance, personal use of office vehicle, miscellaneous income and related interest receipts, were ancillary to the exempt regulatory activity and retained their exempt character. The additions on both counts were therefore unsustainable and were directed to be deleted.
ITAT held that exemption under section 10(46) depends on the nature of the receipt and not on the year in which it is recognised in the accounts. Prior period regulatory receipts such as licence fees, advances and other regulatory income remained exempt because they were intrinsically linked to the statutory functions of the Commission, and the corresponding addition was deleted. The Tribunal also held that incidental non-commercial receipts, including interest on House Building Advance, personal use of office vehicle, miscellaneous income and related interest receipts, were ancillary to the exempt regulatory activity and retained their exempt character. The additions on both counts were therefore unsustainable and were directed to be deleted.
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