Contravention of foreign exchange rules in crossborder diamond payments; appellate tribunal reduces one appellant's penalty for delay and proportional...
RPA (Remote Pilot Aircraft) for military use defined to include drones/UAV/UAS; exemptions limited to specified defence imports with Joint Secretary c...
Transfer of going concern and transfer of input tax credit under GST allowed; exemption applies though interstate ledger transfers left to authorities...
An assessee governed by section 10(23C)(iv) could not be denied exemption for non-filing of Form 10B because the applicable audit report was Form 10BB. The Tribunal noted that exemption had been consistently claimed and allowed in preceding and succeeding years on the same basis, making the denial premised on Form 10B erroneous. On that footing, no valid basis existed to refuse exemption, so the lower authorities' orders were set aside and the AO was directed to allow the claim.
An assessee governed by section 10(23C)(iv) could not be denied exemption for non-filing of Form 10B because the applicable audit report was Form 10BB. The Tribunal noted that exemption had been consistently claimed and allowed in preceding and succeeding years on the same basis, making the denial premised on Form 10B erroneous. On that footing, no valid basis existed to refuse exemption, so the lower authorities' orders were set aside and the AO was directed to allow the claim.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4816 
Join Channel 
