International transaction characterisation of domestic divestment of support services business rejected; transaction between resident associated enter...
Minimum Import Price restrictions for Black Pepper, Areca-nuts and Apples upheld; procedural laying failure not fatal, notifications to be placed befo...
Transaction value between related persons requires market-equivalent pricing; importer must prove declared value mirrors ordinary international trade ...
Classification of exported insecticides under export tariff affirmed; reclassification and related penalties set aside and MEIS scrip jurisdiction rec...
Whether a disallowance for failure to deduct tax at source could apply to payments by a charitable trust whose receipts were assessed under 'income from other sources' was decided by the ITAT. The tribunal held that the Finance Act, 2017 amendment (effective 01.04.2018) extends the mechanics of disallowance provisions to income from other sources only from that date; therefore, prior to 01.04.2018 an assessing officer could not invoke those disallowance provisions against such receipts. The AO's disallowance was deleted and the assessee's appeal was allowed, with reliance on an earlier ITAT precedent reaching the same conclusion.
Whether a disallowance for failure to deduct tax at source could apply to payments by a charitable trust whose receipts were assessed under 'income from other sources' was decided by the ITAT. The tribunal held that the Finance Act, 2017 amendment (effective 01.04.2018) extends the mechanics of disallowance provisions to income from other sources only from that date; therefore, prior to 01.04.2018 an assessing officer could not invoke those disallowance provisions against such receipts. The AO's disallowance was deleted and the assessee's appeal was allowed, with reliance on an earlier ITAT precedent reaching the same conclusion.
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