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...
Integrated golf function determines classification, placing launch monitors and simulators under other golf equipment rather than measuring instrument...
The case pertains to the exemption u/s 10(23G) for long-term capital gains arising from the purchase of shares for creating infrastructure facilities. The key points are: The assessee claimed exemption for long-term capital gains from the sale of shares acquired before 1.4.1997 for setting up an infrastructure facility. The Assessing Officer granted the exemption. The appellant objected, arguing that Section 10(23G) was not applicable before 1.4.1997. However, the CBDT clarified through a press release that the exemption u/s 10(23G) would apply to investments made before 1.6.1998, even prior to the amendment. The Income Tax Appellate Tribunal correctly observed that the issue was resolved by the CBDT's clarification. The purchase of shares for creating an infrastructure facility is considered capital expenditure and not income, as per Explanation 2 to Section 10(23G) before its amendment. Therefore, no tax is payable on such capital expenditure. The High Court dismissed the appeal, upholding the Tribunal's order.
The case pertains to the exemption u/s 10(23G) for long-term capital gains arising from the purchase of shares for creating infrastructure facilities. The key points are: The assessee claimed exemption for long-term capital gains from the sale of shares acquired before 1.4.1997 for setting up an infrastructure facility. The Assessing Officer granted the exemption. The appellant objected, arguing that Section 10(23G) was not applicable before 1.4.1997. However, the CBDT clarified through a press release that the exemption u/s 10(23G) would apply to investments made before 1.6.1998, even prior to the amendment. The Income Tax Appellate Tribunal correctly observed that the issue was resolved by the CBDT's clarification. The purchase of shares for creating an infrastructure facility is considered capital expenditure and not income, as per Explanation 2 to Section 10(23G) before its amendment. Therefore, no tax is payable on such capital expenditure. The High Court dismissed the appeal, upholding the Tribunal's order.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4794
Join Channel
TaxTMI 
