Food supplement classification requires common parlance and authoritative tests, preventing treatment as proprietary Ayurvedic medicines without suppo...
Specified regulatory authority income receives conditional tax exemption, subject to non-commercial activity, unchanged income character, and return f...
Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return-filing...
Input tax credit conditions remain constitutionally valid, with eligible recipient claims considered under GST circulars and retrospective filing dead...
Bogus donation receipts justified commission income assessment and defeated political-party tax exemption for inaccurate accounts and reporting failur...
The Tribunal held that interest received from or paid to head office and overseas branches on the NOSTRO account was a self-to-self transaction governed by mutuality, so it was not taxable in the permanent establishment's hands and the related disallowance failed. On head office expenditure, it restored the matter for fresh examination because the disputed items had to be tested on the Supreme Court's interpretation of the statutory concept of head office expenditure; the royalty issue was to be considered only if the items fell outside that concept. It upheld deletion of the exempt-income disallowance where surplus interest-free funds exceeded the investments, sustained deduction of broken period interest, treated ATM software expenditure as revenue, and held that income taxed on a special gross basis is not exempt income.
The Tribunal held that interest received from or paid to head office and overseas branches on the NOSTRO account was a self-to-self transaction governed by mutuality, so it was not taxable in the permanent establishment's hands and the related disallowance failed. On head office expenditure, it restored the matter for fresh examination because the disputed items had to be tested on the Supreme Court's interpretation of the statutory concept of head office expenditure; the royalty issue was to be considered only if the items fell outside that concept. It upheld deletion of the exempt-income disallowance where surplus interest-free funds exceeded the investments, sustained deduction of broken period interest, treated ATM software expenditure as revenue, and held that income taxed on a special gross basis is not exempt income.
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