Independent manufacturing undertaking eligibility preserves Section 80IA/80IB deductions, while machinery kept ready for use qualifies for depreciatio...
Assessing Officer Satisfaction Requirement Bars Penalty for Cash Receipt in Immovable-Property Sale Cases Where Initiation Lacks Recorded Satisfaction...
Self-assessed import entries remain appealable, while bona fide classification disputes without misdeclaration cannot justify confiscation or penaltie...
Actual-user customs exemption conditions permit turnkey project transfers when imported windmill components are exclusively used for installation and ...
Customs offence disqualification excludes civil contraventions, preventing refusal of a private bonded warehouse licence based solely on monetary pena...
Section 10(23FB) exemption is available to a venture capital fund registered as a trust where it operates separately auditable contributory schemes; each scheme need not obtain separate SEBI registration, although its private placement memorandum must be submitted. For the associated-company test, trustees' shares count only when held personally, not when held fiduciary on the Fund's behalf, so fiduciary holdings do not count toward the 15% threshold. A valid, uncancelled SEBI registration establishes the fund's statutory status; absent regulatory action over VCF Regulation breaches, the Income-tax Department cannot independently rely on alleged breaches to deny exemption. The Revenue's appeal was dismissed and the exemption sustained.
Section 10(23FB) exemption is available to a venture capital fund registered as a trust where it operates separately auditable contributory schemes; each scheme need not obtain separate SEBI registration, although its private placement memorandum must be submitted. For the associated-company test, trustees' shares count only when held personally, not when held fiduciary on the Fund's behalf, so fiduciary holdings do not count toward the 15% threshold. A valid, uncancelled SEBI registration establishes the fund's statutory status; absent regulatory action over VCF Regulation breaches, the Income-tax Department cannot independently rely on alleged breaches to deny exemption. The Revenue's appeal was dismissed and the exemption sustained.
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