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...
Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return-filing...
Input tax credit conditions remain constitutionally valid, with eligible recipient claims considered under GST circulars and retrospective filing dead...
The SC dismissed a Special Leave Petition challenging a Gujarat HC ruling due to an unexplained 292-day delay in filing. The underlying case concerned the Revenue's treatment of proceeds from shares of Sunrise Asian Ltd as unexplained income under s.68 rather than LTCG exempt under s.10(38). The HC had ruled in the assessee's favor, finding that exemption claims cannot be deemed bogus based on mere presumption when: (1) no evidence contradicted the assessee's position, (2) SEBI had not found the shares to be rigged, and (3) the assessee had held the shares for approximately two and a half years before selling them.
The SC dismissed a Special Leave Petition challenging a Gujarat HC ruling due to an unexplained 292-day delay in filing. The underlying case concerned the Revenue's treatment of proceeds from shares of Sunrise Asian Ltd as unexplained income under s.68 rather than LTCG exempt under s.10(38). The HC had ruled in the assessee's favor, finding that exemption claims cannot be deemed bogus based on mere presumption when: (1) no evidence contradicted the assessee's position, (2) SEBI had not found the shares to be rigged, and (3) the assessee had held the shares for approximately two and a half years before selling them.
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