Necessary-party requirements limit impleadment of independent entities, while deferred consideration does not create an appealable adverse determinati...
Food supplement classification requires common parlance and authoritative tests, preventing treatment as proprietary Ayurvedic medicines without suppo...
Specified regulatory authority income receives conditional tax exemption, subject to non-commercial activity, unchanged income character, and return f...
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Assessee offered translation gain from revenue transactions for taxation. CIT(A) deleted disallowance of translation gain from merger of branch balance sheet, holding it non-taxable based on ICAI accounting standards and consistency principle. CBDT circular clarified such translation gains/losses are not real income, upheld by Delhi High Court. Excise duty refunds received by assessee were treated as capital receipts by CIT(A), not taxable revenue receipts, based on Gujarat High Court ruling that refunds aimed to promote industries satisfy 'purpose test' for capital nature. ITAT upheld CIT(A)'s decisions on both issues in favor of assessee.
Assessee offered translation gain from revenue transactions for taxation. CIT(A) deleted disallowance of translation gain from merger of branch balance sheet, holding it non-taxable based on ICAI accounting standards and consistency principle. CBDT circular clarified such translation gains/losses are not real income, upheld by Delhi High Court. Excise duty refunds received by assessee were treated as capital receipts by CIT(A), not taxable revenue receipts, based on Gujarat High Court ruling that refunds aimed to promote industries satisfy 'purpose test' for capital nature. ITAT upheld CIT(A)'s decisions on both issues in favor of assessee.
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