Undisclosed foreign asset classification requires an unexplained source; unrebutted affidavits and corroborative evidence defeated the Black Money Act...
Specialized Investment Fund distribution now requires dedicated certification, while transitional recognition preserves existing qualified distributor...
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HC adjudicated that the petitioner-society qualifies as a "Government Entity" under Clause (zfa) of the 13.10.2017 notification, since it is controlled and substantially funded by the State and satisfies the statutory requirement of 90% or more participation by way of equity or control. Upon harmonious construction of the relevant notifications and definitions, HC held that the tax exemption granted to a "Government Entity" squarely applies to the petitioner. The contrary view taken by the fourth respondent, merely relying on the fact that other similar entities are paying tax, was found unsustainable in law. Consequently, the impugned communication dated 07.07.2021 was quashed and the writ petition was allowed in full.
HC adjudicated that the petitioner-society qualifies as a "Government Entity" under Clause (zfa) of the 13.10.2017 notification, since it is controlled and substantially funded by the State and satisfies the statutory requirement of 90% or more participation by way of equity or control. Upon harmonious construction of the relevant notifications and definitions, HC held that the tax exemption granted to a "Government Entity" squarely applies to the petitioner. The contrary view taken by the fourth respondent, merely relying on the fact that other similar entities are paying tax, was found unsustainable in law. Consequently, the impugned communication dated 07.07.2021 was quashed and the writ petition was allowed in full.
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