Deferred Payment of Customs Duty extended to Eligible Manufacturer Importers with electronic registration and ICEGATE authentication for conditional c...
Tariff classification determines GST schedule and rate; beverages in Schedule III attract the higher rate, tea extracts and syrups in Schedule I attra...
Fraudulent trading requires cogent evidence of intent to defraud; ordinary-course payments protected, except post-insolvency withdrawals must be resto...
Government salary grant received by a charitable trust under a binding condition for use only in salary payments was treated as a tied-up receipt and excluded from the income base for accumulation under section 11(1)(a). The Tribunal held that accumulation is available only in respect of income held under trust that is at the assessee's disposal and capable of being applied or set apart at its discretion; here, the trust acted merely as a conduit without dominion or beneficial control. The Bombay HC ruling in CIT v. Gem & Jewellery Export Promotion Council was distinguished because it concerned characterisation of grants as income, not their inclusion in the accumulation base.
Government salary grant received by a charitable trust under a binding condition for use only in salary payments was treated as a tied-up receipt and excluded from the income base for accumulation under section 11(1)(a). The Tribunal held that accumulation is available only in respect of income held under trust that is at the assessee's disposal and capable of being applied or set apart at its discretion; here, the trust acted merely as a conduit without dominion or beneficial control. The Bombay HC ruling in CIT v. Gem & Jewellery Export Promotion Council was distinguished because it concerned characterisation of grants as income, not their inclusion in the accumulation base.
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