Derivative abetment liability fails when correctly declared imported components establish no underlying improper importation by the principal importer...
Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return filing...
AAR held that Rule 86B restrictions apply to the taxpayer, preventing use of electronic credit ledger beyond 99% of total tax liability. The cumulative income tax paid by the partnership firm and its partners cannot be aggregated to satisfy the exemption threshold. Since no individual partner paid more than Rs. 1 lakh in income tax during the last two financial years, the exemption under Rule 86B is not applicable. The taxpayer must discharge tax liability using electronic credit ledger up to 99% of the total tax liability for monthly turnover exceeding Rs. 50 lakh.
AAR held that Rule 86B restrictions apply to the taxpayer, preventing use of electronic credit ledger beyond 99% of total tax liability. The cumulative income tax paid by the partnership firm and its partners cannot be aggregated to satisfy the exemption threshold. Since no individual partner paid more than Rs. 1 lakh in income tax during the last two financial years, the exemption under Rule 86B is not applicable. The taxpayer must discharge tax liability using electronic credit ledger up to 99% of the total tax liability for monthly turnover exceeding Rs. 50 lakh.
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