Pure reimbursement without income element escapes tax withholding, while delayed withholding and unsupported provisions face deferred or renewed scrut...
Public benefit requirement defeats charitable registration where residents' association services are reciprocal, member-only facilities governed by mu...
Exempt-income expenditure disallowance is confined to investments that actually generated exempt income, while supported business expenses remain dedu...
Objective characteristics and principal use govern mining-tyre classification, while fresh advance ruling applications may rely on additional technica...
Section 87A rebate was held available to a resident individual on tax attributable to short-term capital gains for AY 2024-25, because the provision then in force contained no express exclusion for special-rate income and a denial could not be implied. The Tribunal noted that the legislature had excluded certain capital gains expressly elsewhere, but had not done so for this category of income. The Finance Act, 2025 amendment excluding special-rate income was treated as prospective from AY 2026-27, so the assessee's rebate claim for the year in question was allowed and the assessment was to be recomputed accordingly.
Section 87A rebate was held available to a resident individual on tax attributable to short-term capital gains for AY 2024-25, because the provision then in force contained no express exclusion for special-rate income and a denial could not be implied. The Tribunal noted that the legislature had excluded certain capital gains expressly elsewhere, but had not done so for this category of income. The Finance Act, 2025 amendment excluding special-rate income was treated as prospective from AY 2026-27, so the assessee's rebate claim for the year in question was allowed and the assessment was to be recomputed accordingly.
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