Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
Specified income of Baddi Barotiwala Nalagarh Development Authority receives conditional tax exemption, retrospectively covering its designated assess...
Specified development authority income receives retrospective tax exemption, subject to non-commercial activity, unchanged income sources, and return-...
Unified Brand India framework introduces voluntary Trust Mark certification and funding support for export branding, packaging and global promotional ...
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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