Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
Specified income of Baddi Barotiwala Nalagarh Development Authority receives conditional tax exemption, retrospectively covering its designated assess...
Specified development authority income receives retrospective tax exemption, subject to non-commercial activity, unchanged income sources, and return-...
Unified Brand India framework introduces voluntary Trust Mark certification and funding support for export branding, packaging and global promotional ...
The non-profit organization, sponsored by the Ministry of Commerce and registered u/s 25 of the Companies Act, was granted exemption u/s 10(23C)(iv) of the Income Tax Act. Its main activity is promoting exports of the leather industry by facilitating participation of members in trade fairs. The council serves as a bridge between exporters, overseas buyers, and the government. The exemption was granted in earlier years based on the ITAT order, which held that the council's activities do not constitute business, trade, or commerce, and the proviso to Section 2(15) does not apply. For applying the second proviso to Section 2(15), receipts from providing rental space in fairs and trade shows should be considered. Only the profit element, not the entire receipt, should be considered as the numerator for complying with the 20% limit under the second proviso. The council incurred a loss from trade fair activities, and the net surplus of Rs. 7.62 crores was less than 20% of the total receipts. Thus, the ITAT set aside the orders denying exemption u/s 10(23C)(iv).
The non-profit organization, sponsored by the Ministry of Commerce and registered u/s 25 of the Companies Act, was granted exemption u/s 10(23C)(iv) of the Income Tax Act. Its main activity is promoting exports of the leather industry by facilitating participation of members in trade fairs. The council serves as a bridge between exporters, overseas buyers, and the government. The exemption was granted in earlier years based on the ITAT order, which held that the council's activities do not constitute business, trade, or commerce, and the proviso to Section 2(15) does not apply. For applying the second proviso to Section 2(15), receipts from providing rental space in fairs and trade shows should be considered. Only the profit element, not the entire receipt, should be considered as the numerator for complying with the 20% limit under the second proviso. The council incurred a loss from trade fair activities, and the net surplus of Rs. 7.62 crores was less than 20% of the total receipts. Thus, the ITAT set aside the orders denying exemption u/s 10(23C)(iv).
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4803
Join Channel
TaxTMI 
