Inherited property sale proceeds require capital-gains treatment where ownership is supported by evidence, not suspicion or unverified signature doubt...
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Capital-goods exemption covers plant-modernisation accessories, while the import restriction applies only to earlier capital-goods components and spar...
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TDS credit cannot be denied where the corresponding consultancy income is accepted as not taxable in India under the applicable DTAA. On the facts recorded, the assessee had explained that it was a UAE-based foreign company, that the income was exempt from Indian tax, and that tax had been wrongly deducted; the return was processed on a nil-income basis. Once the Revenue accepted that the related income was outside Indian tax charge, disallowing credit for tax deducted on that very income was contrary to law. The assessee was therefore entitled to the TDS credit under section 119 read with Rule 37BA, and the contrary view in the intimation and first appeal was unsustainable.
TDS credit cannot be denied where the corresponding consultancy income is accepted as not taxable in India under the applicable DTAA. On the facts recorded, the assessee had explained that it was a UAE-based foreign company, that the income was exempt from Indian tax, and that tax had been wrongly deducted; the return was processed on a nil-income basis. Once the Revenue accepted that the related income was outside Indian tax charge, disallowing credit for tax deducted on that very income was contrary to law. The assessee was therefore entitled to the TDS credit under section 119 read with Rule 37BA, and the contrary view in the intimation and first appeal was unsustainable.
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