International transaction characterisation of domestic divestment of support services business rejected; transaction between resident associated enter...
Minimum Import Price restrictions for Black Pepper, Areca-nuts and Apples upheld; procedural laying failure not fatal, notifications to be placed befo...
Transaction value between related persons requires market-equivalent pricing; importer must prove declared value mirrors ordinary international trade ...
Classification of exported insecticides under export tariff affirmed; reclassification and related penalties set aside and MEIS scrip jurisdiction rec...
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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