Toy balloon tariff classification: functional heading prevails over residual rubber and festive article headings, supporting penalties for deliberate ...
Customs valuation using comparable contemporaneous imports can displace declared value, while missing speaking orders require pursuit before competent...
Foreign customs declarations and importer admissions established undervaluation, supporting sequential value redetermination, differential duty, and m...
Customs seizure safeguards prevent detention-based limitation avoidance and invalidate provisional release conditions for imported vehicles under an i...
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Whether dividend income of a trust was taxable by applying s.115BBDA depended on the scope of the Finance Act, 2016 amendments. The Tribunal held that the proviso to s.10(34) operates only in cases where s.115BBDA applies, and s.115BBDA expressly applies only to an individual, HUF, or firm, not to a trust. Consequently, the dividend remained exempt under s.10(34) in the hands of the trust, and the appellate authority's treatment of the dividend as taxable under s.115BBDA was contrary to law; the addition was deleted and the appeal was allowed. - ITAT
Whether dividend income of a trust was taxable by applying s.115BBDA depended on the scope of the Finance Act, 2016 amendments. The Tribunal held that the proviso to s.10(34) operates only in cases where s.115BBDA applies, and s.115BBDA expressly applies only to an individual, HUF, or firm, not to a trust. Consequently, the dividend remained exempt under s.10(34) in the hands of the trust, and the appellate authority's treatment of the dividend as taxable under s.115BBDA was contrary to law; the addition was deleted and the appeal was allowed. - ITAT
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