Condonation of delay permits statutory appeal restoration where inadequate service explanation prevented consideration of reassessment and taxable-inc...
Limitation in customs appeals permits exclusion for bona fide refund proceedings, enabling restoration of Bill of Entry assessment challenges on merit...
Warehousing permission requires deposit at the designated bonded warehouse; unauthorised diversion triggers confiscation, redemption fine and importer...
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The assessee, a trust governed by the Government of India, was held eligible for exemption u/s 11 of the Act for arranging credit guarantees to small ventures and supporting business/livelihood development. The ITAT allowed the ground taken by the assessee, following its previous order. The provision for guarantee claims created against outstanding guarantees was treated as an allowable expense, being necessary for providing effective credit guarantees to small and medium enterprises without collateral security through eligible banks as per the scheme.
The assessee, a trust governed by the Government of India, was held eligible for exemption u/s 11 of the Act for arranging credit guarantees to small ventures and supporting business/livelihood development. The ITAT allowed the ground taken by the assessee, following its previous order. The provision for guarantee claims created against outstanding guarantees was treated as an allowable expense, being necessary for providing effective credit guarantees to small and medium enterprises without collateral security through eligible banks as per the scheme.
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