Mark-to-Market losses on principal-protected debentures are deductible as business expenditure when the obligation is crystallized under mercantile ac...
Deferred Payment of Customs Duty extended to Eligible Manufacturer Importers with electronic registration and ICEGATE authentication for conditional c...
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An individual's residential status for AY 2020-21 was determined under s.6(1)(c) as the individual exceeded both thresholds (≥365 days in preceding four years and ≥60 days in the relevant year), and the relaxation to 182 days under Explanation 1(a)/(b) was held inapplicable because it is confined to specified cases (leaving India or non-residents "being outside India") and cannot be extended to ordinary visits; accordingly, the individual was held resident in India. Applying Article 4 India-Singapore DTAA, the "permanent home/centre of vital interests" and habitual abode factors showed closer economic ties with India, and nationality also supported India; treaty tie-breaker therefore treated the individual as India resident. Objection to jurisdiction based on s.143(2) notice issuance was rejected due to participation in assessment proceedings. - ITAT
An individual's residential status for AY 2020-21 was determined under s.6(1)(c) as the individual exceeded both thresholds (≥365 days in preceding four years and ≥60 days in the relevant year), and the relaxation to 182 days under Explanation 1(a)/(b) was held inapplicable because it is confined to specified cases (leaving India or non-residents "being outside India") and cannot be extended to ordinary visits; accordingly, the individual was held resident in India. Applying Article 4 India-Singapore DTAA, the "permanent home/centre of vital interests" and habitual abode factors showed closer economic ties with India, and nationality also supported India; treaty tie-breaker therefore treated the individual as India resident. Objection to jurisdiction based on s.143(2) notice issuance was rejected due to participation in assessment proceedings. - ITAT
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