Classification of exported insecticides under export tariff affirmed; reclassification and related penalties set aside and MEIS scrip jurisdiction rec...
Misclassification between copra and dry coconut: customs recovery and re-valuation quashed for lack of prior licensing-authority invalidation, appeals...
Exemption under section 10(23FBA) read with section 115UB was permitted where a scheme floated under a SEBI registered Category II AIF trust held a separate PAN; the existence of SEBI registration in the trust's PAN alone does not defeat scheme level exemption, so the addition under section 10(23FBA) was deleted. Separately, the difference between book surplus and amounts distributed to investors was held to reflect statutory indexation on long term capital gains from unlisted equity and not independent business income; accordingly the Assessing Officer's taxation of that difference as business income was deleted and the ground allowing indexation was accepted.
Exemption under section 10(23FBA) read with section 115UB was permitted where a scheme floated under a SEBI registered Category II AIF trust held a separate PAN; the existence of SEBI registration in the trust's PAN alone does not defeat scheme level exemption, so the addition under section 10(23FBA) was deleted. Separately, the difference between book surplus and amounts distributed to investors was held to reflect statutory indexation on long term capital gains from unlisted equity and not independent business income; accordingly the Assessing Officer's taxation of that difference as business income was deleted and the ground allowing indexation was accepted.
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