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...
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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...
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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