Invoice-based recovery claims remain time-barred despite separate winding-up proceedings, absent valid acknowledgment or part-payment of the disputed ...
Extended limitation fails without specific suppression allegations, while overseas employee secondment remains taxable as manpower supply within norma...
Time-share accommodation classification excludes Club or Association Service where purchasers receive contractual occupancy rights without genuine mem...
CENVAT credit for trading requires reversal, while taxable-service rental credit remains proportionately available and limitation issues await resolut...
Vicarious liability for dishonoured company cheques may extend to non-signatory directors where complaints contain foundational responsibility avermen...
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The ITAT applied strict construction to an exemption claim under section 10(23AAB) for premature surrender of a Unit Linked Insurance Pension Plan. Because the assessee surrendered the pension policy before fulfilling the statutory conditions, exemption was denied. The Tribunal held that equitable arguments, including absence of a prior deduction claim or the assertion that part of the receipt represented invested capital, could not override the express wording of the exemption provision. Once exemption was unavailable, the receipt was taxable under the charging provisions, including section 56(2), as sustained by the Commissioner (Appeals).
The ITAT applied strict construction to an exemption claim under section 10(23AAB) for premature surrender of a Unit Linked Insurance Pension Plan. Because the assessee surrendered the pension policy before fulfilling the statutory conditions, exemption was denied. The Tribunal held that equitable arguments, including absence of a prior deduction claim or the assertion that part of the receipt represented invested capital, could not override the express wording of the exemption provision. Once exemption was unavailable, the receipt was taxable under the charging provisions, including section 56(2), as sustained by the Commissioner (Appeals).
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