Enforcement of resolution-plan directions continues without a Supreme Court stay, preventing suspension of redistribution and escrowed-fund distributi...
Third-party ownership claims over attached property require Special Court adjudication where purchasers lack registered sale deeds and bona fides rema...
Pure-agent reimbursements in clearing and forwarding services are excluded from taxable value when qualifying third-party payments are properly record...
Customs relief for Strait of Hormuz maritime disruptions remains available, with existing conditions continuing unchanged through the extended validit...
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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