SEZ-unit profit deduction covers voluntary transfer-pricing adjustments, while exempt-income costs, foreign-exchange loss and ITeS comparables are exa...
Exemption u/s 11 - money received on account of IDC [Infrastructure Development Charges] - Merely because the assessee fund no longer requires approval of the Finance Department of the state while utilizing the funds, does not in our view alter or impinge upon its character as held by us as being money of the state kept aside for specific purpose.The presence of the Revenue Secretary in the high powered committee takes care of the requirement of obtaining approval of the Finance Department for utilization of funds. - the Fund belonged to the State and was not liable to tax. - AT
Exemption u/s 11 - money received on account of IDC [Infrastructure Development Charges] - Merely because the assessee fund no longer requires approval of the Finance Department of the state while utilizing the funds, does not in our view alter or impinge upon its character as held by us as being money of the state kept aside for specific purpose.The presence of the Revenue Secretary in the high powered committee takes care of the requirement of obtaining approval of the Finance Department for utilization of funds. - the Fund belonged to the State and was not liable to tax. - AT
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TaxTMI 
TaxTMI 
