Business expenditure deduction requires proof of genuine commission payments and commercial allowability; turnover growth alone cannot validate the cl...
Article 8 treaty coverage excluded third-party airline support services, while documented demonetisation cash receipts remained accepted business inco...
Functional comparability under TNMM requires highway contract benchmarks to reflect operation, maintenance and transfer activities, requiring fresh be...
Objective characteristics govern magnesium bis-glycinate chelate classification as an amino-acid coordination compound, not a food preparation or anti...
Page of 4803
Press 'Enter' after typing page number.
581 to 600 of 96046 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
The HC held that an orphan minor qualifies as an "individual" under the definition of "person" in Section 2(31) of the Income Tax Act. The contention that a minor must be capable of entering into a contract to be considered an individual was rejected. The Court found no basis to exclude an orphan minor from this classification, dismissing the argument that only minors with living parents qualify as individuals. The issue of whether the income earned by the petitioner is taxable was deemed inappropriate for determination in the present proceedings and left to the assessment authorities. The Court concluded that income of a minor, including an orphan, is not required to be clubbed with the guardian's income for tax purposes unless earned through the minor's own efforts, affirming the minor's independent tax identity.
The HC held that an orphan minor qualifies as an "individual" under the definition of "person" in Section 2(31) of the Income Tax Act. The contention that a minor must be capable of entering into a contract to be considered an individual was rejected. The Court found no basis to exclude an orphan minor from this classification, dismissing the argument that only minors with living parents qualify as individuals. The issue of whether the income earned by the petitioner is taxable was deemed inappropriate for determination in the present proceedings and left to the assessment authorities. The Court concluded that income of a minor, including an orphan, is not required to be clubbed with the guardian's income for tax purposes unless earned through the minor's own efforts, affirming the minor's independent tax identity.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4803
Join Channel
TaxTMI 
