Derivative abetment liability fails when correctly declared imported components establish no underlying improper importation by the principal importer...
Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return filing...
Broken period amount received on transfer of non-convertible debentures retained the character of interest, even though it was paid by the purchaser rather than the issuer, because the NCDs were transferred on a cum-interest basis and the amount represented accrued return for the intervening period. The Tribunal held that the source of payment did not change the intrinsic character of the receipt. The amount was therefore assessable as interest under the head 'Income from Other Sources', and the assessee's appeal failed.
Broken period amount received on transfer of non-convertible debentures retained the character of interest, even though it was paid by the purchaser rather than the issuer, because the NCDs were transferred on a cum-interest basis and the amount represented accrued return for the intervening period. The Tribunal held that the source of payment did not change the intrinsic character of the receipt. The amount was therefore assessable as interest under the head 'Income from Other Sources', and the assessee's appeal failed.
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