Classification of imported salvaged shaft pieces as ship parts confirmed, reassessment time-barred and appeal allowed restoring original classificatio...
Scope of intermediary status for data hosting services: tribunal finds provider not intermediary, services exported and not taxable, limited remand on...
CENVAT credit availability after omission of Rule 12B in textiles confirmed; late addendum to SCN introducing new grounds held time-barred and invalid...
Export of Wheat Flour and related products subject to online allocation, eligibility criteria, non-transferable six-month authorisations and reporting...
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Amendment to accumulation rules by Finance Act, 2022 prescribes utilisation of accumulated charitable funds within five years of accumulation; however, the amended provisions operate prospectively and do not curtail pre-existing six-year windows for accumulations arising before 1 April 2022. The tribunal applied the doctrine of impossibility to hold that income accumulated in financial year 201617 remained governed by the earlier six-year timeframe, precluding disallowance for the impugned assessment year. The assessees appeal was allowed and fresh accumulations from 1 April 2022 are subject to the new five-year requirement.
Amendment to accumulation rules by Finance Act, 2022 prescribes utilisation of accumulated charitable funds within five years of accumulation; however, the amended provisions operate prospectively and do not curtail pre-existing six-year windows for accumulations arising before 1 April 2022. The tribunal applied the doctrine of impossibility to hold that income accumulated in financial year 201617 remained governed by the earlier six-year timeframe, precluding disallowance for the impugned assessment year. The assessees appeal was allowed and fresh accumulations from 1 April 2022 are subject to the new five-year requirement.
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