Aggregation under TNMM prevents selective testing of intra-group services without comparable uncontrolled transactions, while appellate additional cla...
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Current account treatment of overseas tournament services removed most FEMA findings, but excess EEFC remittance and delayed repatriation remained bre...
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Merchant banker regulation consolidates registration, governance, capital, reporting, outsourcing and investor-protection requirements under an update...
Subsequent registration under section 12AA was held to extend to a pending assessment under the proviso to section 12A(2) where the trust's objects and activities remained unchanged, so exemption was allowed notwithstanding the later registration date. Disclosed donation receipts, supported by books, donor details and sample receipts, were not treated as unexplained cash credits under section 68, and exemption for the income used for religious activities was upheld. The higher tax rate under section 115BBE was held prospective from 1 April 2017 and therefore inapplicable to A.Y. 2017-18, so the income could be taxed only under the normal provisions.
Subsequent registration under section 12AA was held to extend to a pending assessment under the proviso to section 12A(2) where the trust's objects and activities remained unchanged, so exemption was allowed notwithstanding the later registration date. Disclosed donation receipts, supported by books, donor details and sample receipts, were not treated as unexplained cash credits under section 68, and exemption for the income used for religious activities was upheld. The higher tax rate under section 115BBE was held prospective from 1 April 2017 and therefore inapplicable to A.Y. 2017-18, so the income could be taxed only under the normal provisions.
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