Defined public benefit can retain charitable character; registration renewal requires examining genuine activities and legal compliance, not surplus a...
Capital reduction is distinct from share buy-back, preventing buy-back tax; restructuring interest and related business deductions also survive scruti...
Transfer pricing and tax deductions upheld on established principles, while employee contributions and warranty provisions returned for fresh examinat...
Captive transfer pricing relies on industrial consumer tariffs, while genuine quotations can benchmark effluent treatment transfers under the Other Me...
Specific tariff classification for ophthalmic instruments and extended limitation principles determine the treatment of duty demands, confiscation, an...
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The validity of an order passed by the Interim Board of Settlement was questioned following the abolishment of the Settlement Commission by the Finance Act, 2021. The issue revolved around the eligibility conditions concerning the extended cut-off date for filing an application u/s 245C. A High Court decision highlighted that the CBDT's notification, imposing additional conditions for eligibility, exceeded its powers u/s 119 of the Act. Consequently, the condition in the impugned notification was deemed invalid and unlawful. The Court ruled that the petitioner was indeed eligible to make an application, rendering the rejection of their application by the Interim Board of Settlement as illegal. The petitioner's settlement application should have been considered in accordance with the law.
The validity of an order passed by the Interim Board of Settlement was questioned following the abolishment of the Settlement Commission by the Finance Act, 2021. The issue revolved around the eligibility conditions concerning the extended cut-off date for filing an application u/s 245C. A High Court decision highlighted that the CBDT's notification, imposing additional conditions for eligibility, exceeded its powers u/s 119 of the Act. Consequently, the condition in the impugned notification was deemed invalid and unlawful. The Court ruled that the petitioner was indeed eligible to make an application, rendering the rejection of their application by the Interim Board of Settlement as illegal. The petitioner's settlement application should have been considered in accordance with the law.
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