Withdrawal of obsolete FEMA circulars streamlines rules on external commercial borrowings, non-resident bond investments, and money transfer sub-agent...
Departmental appeal limitation after call-book recall preserves original filing, while documented correlation supports SAD refund on imported granules...
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Section 115BBI applies only to income having the statutory character of specified income; an electronic-return reporting or computational mismatch does not create that character. Income validly accumulated for charitable purposes in an earlier year and applied during the relevant year remains outside that provision unless conditions governing the accumulation were breached or the income otherwise became specified income. Where return schedules and a revised audit report disclose the available accumulation and its application, section 143(1) processing cannot selectively rely on an omitted Schedule A entry while disregarding corresponding disclosures. The adjustment treating the applied accumulation as specified income was deleted.
Section 115BBI applies only to income having the statutory character of specified income; an electronic-return reporting or computational mismatch does not create that character. Income validly accumulated for charitable purposes in an earlier year and applied during the relevant year remains outside that provision unless conditions governing the accumulation were breached or the income otherwise became specified income. Where return schedules and a revised audit report disclose the available accumulation and its application, section 143(1) processing cannot selectively rely on an omitted Schedule A entry while disregarding corresponding disclosures. The adjustment treating the applied accumulation as specified income was deleted.
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