Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return filing...
Dispute Resolution Panel objections must reach both prescribed forums; otherwise assessment may proceed and statutory appeal remains the proper remedy...
The case deals with determining the appropriate date for converting an arbitral award expressed in foreign currency to Indian rupees. The court held that the exchange rate on the date of deposit applies, with non-withdrawal being at the discretion of the respondent. The date for converting a subsequent deposit is determined by the completion of proceedings. Statutory provisions dictate that interest ceases once a deposit is made to the court or the decree-holder. The relevant date for conversion is when the award becomes enforceable, after objections are decided. The deposited amount must be adjusted against the remaining principal and interest, converted on the date of enforceability. The ruling was in line with previous Supreme Court decisions.
The case deals with determining the appropriate date for converting an arbitral award expressed in foreign currency to Indian rupees. The court held that the exchange rate on the date of deposit applies, with non-withdrawal being at the discretion of the respondent. The date for converting a subsequent deposit is determined by the completion of proceedings. Statutory provisions dictate that interest ceases once a deposit is made to the court or the decree-holder. The relevant date for conversion is when the award becomes enforceable, after objections are decided. The deposited amount must be adjusted against the remaining principal and interest, converted on the date of enforceability. The ruling was in line with previous Supreme Court decisions.
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