Revenue authority mandates using scheme-specific reversal procedures, not revising original entries, for instrument-based trade/customs benefits effec...
Transaction value under s.15(1) governs unrelated sales; valuation between related parties per Rule 28; consignment note required for unregistered rec...
ITAT affirmed that the appellant charitable trust, which has not claimed registration or exemption under section 12A, is taxable as an Association of Persons for A.Y. 2023-24; the Tribunal found that the preconditions of the administrative circular were satisfied and therefore directed that income be assessed and tax computed at the slab rates applicable to an AOP with applicable surcharge and cess, rather than at trust-specific rates. The assessment is to be finalized accordingly, with tax liability determined under normal slab-rate provisions for an AOP for the relevant assessment year.
ITAT affirmed that the appellant charitable trust, which has not claimed registration or exemption under section 12A, is taxable as an Association of Persons for A.Y. 2023-24; the Tribunal found that the preconditions of the administrative circular were satisfied and therefore directed that income be assessed and tax computed at the slab rates applicable to an AOP with applicable surcharge and cess, rather than at trust-specific rates. The assessment is to be finalized accordingly, with tax liability determined under normal slab-rate provisions for an AOP for the relevant assessment year.
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