Imported menthol-scented sweet supari classification dispute: seizure quashed, release for home consumption subject to duty bond; bank guarantee refus...
CKD/SKD air-conditioner components classifiable with finished units by essential character; prior advance ruling extended three years, FTA benefits po...
Scope of judicial review under Article 226: supervisory, not appellate; factual reappraisal barred, challenge dismissed; insolvency professional dutie...
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
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