Co-operative society's mandatory reserve and share capital fixed deposits with banks-interest treated as business income under 80P(2)(a)(iii) deductio...
Income tax reassessment reopening after four years on investigation tip, without s.147 proviso disclosure failure, struck down as borrowed satisfactio...
Exchange of information under bilateral tax treaties was interpreted to require applicability to information relating to fiscal years beginning after the protocol's specified date, so the IndiaSwiss Article 26 applies only to fiscal years commencing after 01.04.2011 and the IndiaHong Kong Protocol clause 5(c) permits information only for fiscal years or taxable events after 30.11.2018 (effectively FY 2019-20/AY 2020-21). Consequently, a revenue authority could not compel information for the Assessment Year 2017-18, the reference to the Foreign Tax and Tax Research Division was held improper, and the assessing officer cannot claim the one-year extension of limitation under the explanation to the Income Tax Act.
Exchange of information under bilateral tax treaties was interpreted to require applicability to information relating to fiscal years beginning after the protocol's specified date, so the IndiaSwiss Article 26 applies only to fiscal years commencing after 01.04.2011 and the IndiaHong Kong Protocol clause 5(c) permits information only for fiscal years or taxable events after 30.11.2018 (effectively FY 2019-20/AY 2020-21). Consequently, a revenue authority could not compel information for the Assessment Year 2017-18, the reference to the Foreign Tax and Tax Research Division was held improper, and the assessing officer cannot claim the one-year extension of limitation under the explanation to the Income Tax Act.
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