Donor-directed corpus contributions retain capital character despite exemption claims under section 10(23C)(vi), preventing their treatment as taxable...
Enhanced tax-audit threshold applies where banking records establish compliant non-cash receipts and payments, eliminating penalty exposure for audit ...
Transfer pricing consistency protects identical non-interest-bearing debenture terms from a later notional-interest adjustment without valid statutory...
Rectification of debatable deduction claims cannot reverse scrutiny-approved co-operative society interest income deductions as apparent record errors...
Cash-method accounting bars presumptive interest taxation, while unsupported securities and share-trading additions require reliable material and veri...
Section 7 admission requires established financial debt and default, not precise interest quantification, while post-suspension defaults remain action...
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Legislative competence, the constitutional validity and the vires of the Himachal Pradesh Water Cess on Hydropower Generation Act, 2023 - The court concluded that the levy of water cess on hydropower generation by the Himachal Pradesh government is essentially a tax on the generation of electricity, not merely on the use of water. This determination was based on the analysis that the cess varies with the quantum of electricity generated rather than the quantity of water drawn, indicating that the essence of the tax relates to electricity generation. Therefore, the Act was deemed beyond the legislative competence of the State, as it encroached upon the domain reserved for the Parliament under the Constitution, specifically under entries related to taxation and electricity in the Union List.
Legislative competence, the constitutional validity and the vires of the Himachal Pradesh Water Cess on Hydropower Generation Act, 2023 - The court concluded that the levy of water cess on hydropower generation by the Himachal Pradesh government is essentially a tax on the generation of electricity, not merely on the use of water. This determination was based on the analysis that the cess varies with the quantum of electricity generated rather than the quantity of water drawn, indicating that the essence of the tax relates to electricity generation. Therefore, the Act was deemed beyond the legislative competence of the State, as it encroached upon the domain reserved for the Parliament under the Constitution, specifically under entries related to taxation and electricity in the Union List.
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