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...
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...
The ITAT upheld the AO's jurisdiction to conduct comprehensive scrutiny beyond the initial reasons for case selection, dismissing the assessee's objection. The Tribunal held that development charges received are revenue receipts, with no legal restriction on their utilization as prescribed by the government. Claims for TDS application of income and loan repayment as application of income were remanded for factual verification by the AO, directing allowance if conditions are met. The Tribunal ruled that the restriction on setting off brought forward deficits under Explanation 5 to section 11(1) is prospective, permitting set off for the relevant year subject to verification. The issue of GST/ST deduction was remanded for AO's verification to determine its applicability as application of income.
The ITAT upheld the AO's jurisdiction to conduct comprehensive scrutiny beyond the initial reasons for case selection, dismissing the assessee's objection. The Tribunal held that development charges received are revenue receipts, with no legal restriction on their utilization as prescribed by the government. Claims for TDS application of income and loan repayment as application of income were remanded for factual verification by the AO, directing allowance if conditions are met. The Tribunal ruled that the restriction on setting off brought forward deficits under Explanation 5 to section 11(1) is prospective, permitting set off for the relevant year subject to verification. The issue of GST/ST deduction was remanded for AO's verification to determine its applicability as application of income.
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