Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
Specified income of Baddi Barotiwala Nalagarh Development Authority receives conditional tax exemption, retrospectively covering its designated assess...
Specified development authority income receives retrospective tax exemption, subject to non-commercial activity, unchanged income sources, and return-...
Unified Brand India framework introduces voluntary Trust Mark certification and funding support for export branding, packaging and global promotional ...
Origin Declaration authentication governs preferential tariff claims under India-UK CETA, requiring a validated reference number before import clearan...
Separate assessment orders for different years remain valid when distinct notices and hearing opportunities prevent prejudice from combined proceeding...
ITAT adjudicated compensation received for wind turbine generator (WTG) under-performance as capital receipt, not taxable. Relying on precedents in PCIT vs Xpro India Ltd. and Ramkrishna Forgings Limited, the tribunal determined the compensation from equipment supplier for technical performance shortfall constitutes a capital receipt. The Revenue's prior acceptance of similar claims in subsequent assessment year further substantiated the ruling. Tribunal directed assessment officer to exclude compensation amount from assessable income, effectively allowing the assessee's appeal and confirming the non-taxable nature of the compensation.
ITAT adjudicated compensation received for wind turbine generator (WTG) under-performance as capital receipt, not taxable. Relying on precedents in PCIT vs Xpro India Ltd. and Ramkrishna Forgings Limited, the tribunal determined the compensation from equipment supplier for technical performance shortfall constitutes a capital receipt. The Revenue's prior acceptance of similar claims in subsequent assessment year further substantiated the ruling. Tribunal directed assessment officer to exclude compensation amount from assessable income, effectively allowing the assessee's appeal and confirming the non-taxable nature of the compensation.
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