Natural justice in insolvency-professional discipline requires disclosed material; notices based on extraneous material and ignored defences are vitia...
Development rights transfers treated as immovable property, while construction abatement applies and repeated non-payment permits extended service-tax...
Income Disclosure Scheme immunity and search-material requirements barred further share-transaction additions in unabated assessments under section 15...
Interest income on fixed deposits was held not taxable because the assessee, being wholly owned and constituted to perform governmental functions as an instrumentality of the State, qualifies as "State" under Article 12 read with Article 289 of the Constitution; consequently, such interest was treated as not derived from a taxable trade or business and the corresponding addition was deleted. Grant-in-aid received from the State Government was also held non-taxable since it was received by the assessee in its capacity as an arm of the State for executing public projects, and the related addition was directed to be deleted. - ITAT
Interest income on fixed deposits was held not taxable because the assessee, being wholly owned and constituted to perform governmental functions as an instrumentality of the State, qualifies as "State" under Article 12 read with Article 289 of the Constitution; consequently, such interest was treated as not derived from a taxable trade or business and the corresponding addition was deleted. Grant-in-aid received from the State Government was also held non-taxable since it was received by the assessee in its capacity as an arm of the State for executing public projects, and the related addition was directed to be deleted. - ITAT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
