Specified income of Baddi Barotiwala Nalagarh Development Authority receives conditional tax exemption, retrospectively covering its designated assess...
Specified development authority income receives retrospective tax exemption, subject to non-commercial activity, unchanged income sources, and return-...
Unified Brand India framework introduces voluntary Trust Mark certification and funding support for export branding, packaging and global promotional ...
Origin Declaration authentication governs preferential tariff claims under India-UK CETA, requiring a validated reference number before import clearan...
Separate assessment orders for different years remain valid when distinct notices and hearing opportunities prevent prejudice from combined proceeding...
Minimum Alternate Tax under section 115JB does not apply to a statutory body constituted under a Central enactment that is not incorporated under the Companies Act, despite being assessable as a company under the Income-tax Act. Applying the principle that the legal fiction in section 115JB cannot extend to such entities, the High Court found the provision inapplicable. Consequently, the issue of disallowance under section 14A in computing book profit did not survive, as it depended on section 115JB applying. No substantial question of law arose, and the Revenue's appeals were dismissed.
Minimum Alternate Tax under section 115JB does not apply to a statutory body constituted under a Central enactment that is not incorporated under the Companies Act, despite being assessable as a company under the Income-tax Act. Applying the principle that the legal fiction in section 115JB cannot extend to such entities, the High Court found the provision inapplicable. Consequently, the issue of disallowance under section 14A in computing book profit did not survive, as it depended on section 115JB applying. No substantial question of law arose, and the Revenue's appeals were dismissed.
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