Clubbing of income from gifted property failed where the claim surfaced after reassessment limitation, sustaining capital-gains assessment in spouse's...
Employee stock-option discount qualifies as revenue expenditure, while royalty and service comparables require reliable functional and transactional b...
Special insurance income computation preserves statutory deductions while limiting transfer-pricing, withholding and disallowance adjustments for gene...
The statutory notification exempting interest payments to corporations established under Central, State or Provincial Acts applies to the National Highways Authority of India as a Central Act corporation. CBDT Circular No. 18/2017, which concerns entities with unconditionally exempt income, cannot add conditions to or narrow that statutory notification. Accordingly, interest paid on mobilisation advances to the Authority is not subject to tax deduction at source, and the payer cannot be treated as an assessee-in-default or charged consequential interest.
The statutory notification exempting interest payments to corporations established under Central, State or Provincial Acts applies to the National Highways Authority of India as a Central Act corporation. CBDT Circular No. 18/2017, which concerns entities with unconditionally exempt income, cannot add conditions to or narrow that statutory notification. Accordingly, interest paid on mobilisation advances to the Authority is not subject to tax deduction at source, and the payer cannot be treated as an assessee-in-default or charged consequential interest.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4897 
