Appeal allowed; impugned order quashed as regulator failed to prove nexus or manipulative scheme; sale genuine - s.12A(a)-(c), Regs 3(a)-(d),4(1),4(2)...
Appellant's ring-back tone service held OIDAR, taxable domestically for 01.07.2012-31.07.2016; liability confirmed, penalties vacated, remanded for re...
The ITAT affirmed the First Appellate Authority: the assessee's claim of exemption under sections 10(34) and 10(35) was held admissible; the cancellation of registration under section 12A for FY 2014-15 precluded claim under section 11, rendering the dividend and unit income exempt under 10(34)/10(35). Alleged contravention of sections 13(1)(d) and 13(2)(h) was rejected because the impugned investment constituted accretion of bonus shares and did not attract section 13(1)(d). Claims for deduction under section 80G/80GGA were remitted to the AO for verification and allowance to entities registered under section 80G(3)(a)(iiif) in accordance with section 80G(4).
The ITAT affirmed the First Appellate Authority: the assessee's claim of exemption under sections 10(34) and 10(35) was held admissible; the cancellation of registration under section 12A for FY 2014-15 precluded claim under section 11, rendering the dividend and unit income exempt under 10(34)/10(35). Alleged contravention of sections 13(1)(d) and 13(2)(h) was rejected because the impugned investment constituted accretion of bonus shares and did not attract section 13(1)(d). Claims for deduction under section 80G/80GGA were remitted to the AO for verification and allowance to entities registered under section 80G(3)(a)(iiif) in accordance with section 80G(4).
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