Indirect corporate control can create related-party status, excluding financial creditors from Committee of Creditors representation, participation an...
Scientific research association approval requires continuing SIRO status, annual donation reporting, and donor certificates for the approved foundatio...
Scientific research institution approval is conditional on SIRO recognition, annual donation reporting, donor certification, and prescribed compliance...
ITAT allowed the appeal, holding that s.115BAB (concessional tax on income of new manufacturing domestic companies) and related adjustment provisions are inapplicable where the assessee has not commenced business and has no taxable income. The Tribunal found no profit even after adjustments, and therefore there was no basis to grant or deny a concessional rate, nor to invoke rules concerning shifting of profit or specified domestic transactions for the year under review. Consequently, no adjustment under the concessional-tax provisions was warranted and the ground raised by the assessee was allowed.
ITAT allowed the appeal, holding that s.115BAB (concessional tax on income of new manufacturing domestic companies) and related adjustment provisions are inapplicable where the assessee has not commenced business and has no taxable income. The Tribunal found no profit even after adjustments, and therefore there was no basis to grant or deny a concessional rate, nor to invoke rules concerning shifting of profit or specified domestic transactions for the year under review. Consequently, no adjustment under the concessional-tax provisions was warranted and the ground raised by the assessee was allowed.
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TaxTMI 
TaxTMI 
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