Patent-settlement expenditure treated as commercially expedient revenue outlay, with foreign-law restrictions inapplicable before the prospective amen...
International transaction benchmarking restricts transfer pricing adjustments to associated-enterprise dealings, while functional comparability govern...
Joint development agreements defer taxable transfer where possession lacks part performance, while completed flats determine consideration and exempti...
Passenger baggage re-export requires true declaration and cannot be granted indirectly through discretionary redemption of undeclared prohibited goods...
A society registered under the Societies Registration Act, 1860 was held not liable to tax at the maximum marginal rate merely because it was treated as an association of persons with indeterminate shares. The Tribunal found that the statutory exception for a registered society had been overlooked, so the income had to be recomputed at the rates applicable to an individual. The TDS credit claim was not decided on merits and was remitted to the Assessing Officer for verification, with credit to be allowed if the claim and corresponding income were correctly reflected in the return.
A society registered under the Societies Registration Act, 1860 was held not liable to tax at the maximum marginal rate merely because it was treated as an association of persons with indeterminate shares. The Tribunal found that the statutory exception for a registered society had been overlooked, so the income had to be recomputed at the rates applicable to an individual. The TDS credit claim was not decided on merits and was remitted to the Assessing Officer for verification, with credit to be allowed if the claim and corresponding income were correctly reflected in the return.
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