Necessary-party requirements limit impleadment of independent entities, while deferred consideration does not create an appealable adverse determinati...
Food supplement classification requires common parlance and authoritative tests, preventing treatment as proprietary Ayurvedic medicines without suppo...
Specified regulatory authority income receives conditional tax exemption, subject to non-commercial activity, unchanged income character, and return f...
Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return-filing...
Input tax credit conditions remain constitutionally valid, with eligible recipient claims considered under GST circulars and retrospective filing dead...
Violation of section 13 by a charitable trust does not require denial of exemption for its entire income. The notes explain that only income or property applied for the benefit of specified persons, including trustees, is taxable at the maximum marginal rate, while the balance remains eligible for exemption under section 11 subject to other statutory conditions. This position is supported by CBDT Circular No. 387 and the judicial authorities discussed. The assessment is therefore to be recomputed by restricting the denial of exemption to the value of any benefit conferred on trustees, rather than taxing the trust's entire income.
Violation of section 13 by a charitable trust does not require denial of exemption for its entire income. The notes explain that only income or property applied for the benefit of specified persons, including trustees, is taxable at the maximum marginal rate, while the balance remains eligible for exemption under section 11 subject to other statutory conditions. This position is supported by CBDT Circular No. 387 and the judicial authorities discussed. The assessment is therefore to be recomputed by restricting the denial of exemption to the value of any benefit conferred on trustees, rather than taxing the trust's entire income.
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