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...
Defined public benefit can retain charitable character; registration renewal requires examining genuine activities and legal compliance, not surplus a...
Capital reduction is distinct from share buy-back, preventing buy-back tax; restructuring interest and related business deductions also survive scruti...
Eligible-industrial-unit deductions are discussed in relation to interest on staff advances and deposits, overdue customer-bill interest, and a Sikkim manufacturing unit. The notes distinguish interest not eligible for deduction from overdue-bill interest and address continuity where prior-year positions govern. They also cover exempt-income expenditure: sufficient interest-free own funds may preclude interest disallowance, while administrative expenditure is computed under the prescribed method. For LLP-interest transfers, partnership rights are capital assets, but related-party status and approved valuation require examination. In book-profit computation, the notes address exempt-income adjustments, intangible-asset amortisation, and treatment of a debenture redemption provision as an ascertained liability. They also explain appellate power to admit a lawful omitted claim evident from the record.
Eligible-industrial-unit deductions are discussed in relation to interest on staff advances and deposits, overdue customer-bill interest, and a Sikkim manufacturing unit. The notes distinguish interest not eligible for deduction from overdue-bill interest and address continuity where prior-year positions govern. They also cover exempt-income expenditure: sufficient interest-free own funds may preclude interest disallowance, while administrative expenditure is computed under the prescribed method. For LLP-interest transfers, partnership rights are capital assets, but related-party status and approved valuation require examination. In book-profit computation, the notes address exempt-income adjustments, intangible-asset amortisation, and treatment of a debenture redemption provision as an ascertained liability. They also explain appellate power to admit a lawful omitted claim evident from the record.
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