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...
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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