CKD/SKD air-conditioner components classifiable with finished units by essential character; prior advance ruling extended three years, FTA benefits po...
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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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