Transferable duty credit scrips validity and bona fide transferee entitlement to exemption upheld where scrips were subsisting at import, appeals allo...
Classification of knocked down motor vehicle component imports: Notification benefit denied because items are standalone non kit parts requiring subst...
Reassessment against a deceased assessee: procedural defect mandates fresh reassessment; nonresponsive petitioner may be treated as legal representati...
Subscriptions from members form corpus or common fund and, under the principle of mutuality, are not taxable; interest earned on bank deposits is prima facie taxable but may be appropriated to meet bona fide payments to members. The document recognises a right of appropriation whereby the society may first apply taxable interest receipts to discharge death claims, pensions, voluntary retirement and retirement benefits for members, and only thereafter draw on subscriptions if required. The operative effect directs reassessment to allow set off of such member payments against taxable receipts when determining tax liability.
Subscriptions from members form corpus or common fund and, under the principle of mutuality, are not taxable; interest earned on bank deposits is prima facie taxable but may be appropriated to meet bona fide payments to members. The document recognises a right of appropriation whereby the society may first apply taxable interest receipts to discharge death claims, pensions, voluntary retirement and retirement benefits for members, and only thereafter draw on subscriptions if required. The operative effect directs reassessment to allow set off of such member payments against taxable receipts when determining tax liability.
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