Steel-timber construction shuttering/formwork tariff classification dispute: essential character held steel, classified as shuttering under Heading 73...
Family-linked property purchases using fabricated loan agreements and benami-style arrangements held to be crime proceeds; attachment upheld, appeal d...
Charitable tree plantation and maintenance for environmental preservation treated as "charitable activity", exempt from GST under Notification 12/2017...
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
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4819 
Join Channel 
