Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
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Characterization of receipt - sales tax subsidy - The supreme court held that, we are conscious of the fact that this Court while dismissing the Civil Appeal which arose in the case of M/s Munjal Auto Industries Limited has sustained the judgment of the Gujarat High Court passed in the said case. In the circumstances, we find that the observations of the Gujarat High Court would have a bearing on the present case and therefore, we observe that consequent upon holding that the sales tax subsidy receipt by the respondent-assessee being treated as a capital receipt, the natural consequences as a result of the said declaration would follow.
Characterization of receipt - sales tax subsidy - The supreme court held that, we are conscious of the fact that this Court while dismissing the Civil Appeal which arose in the case of M/s Munjal Auto Industries Limited has sustained the judgment of the Gujarat High Court passed in the said case. In the circumstances, we find that the observations of the Gujarat High Court would have a bearing on the present case and therefore, we observe that consequent upon holding that the sales tax subsidy receipt by the respondent-assessee being treated as a capital receipt, the natural consequences as a result of the said declaration would follow.
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