NPCI-based bank account validation for IEC applications and modifications enables real-time validation; incorrect details block submission or trigger ...
Creation/Invocation of pledge of securities through depository system: standardized pledge forms, notice requirement and invocation notifications to p...
Calendar Spread margin benefit for Single Stock Derivatives suspended on expiry day for expiring contracts; exchanges must implement systems and rule ...
Proportionate interest, unexplained credits and partner remuneration disputed; proofs of fund nexus and lender identity were decisive and disallowance...
Capital gains valuation from stamp assessment versus net consideration for residential reinvestment: deemed stamp value replaced for gains but not for...
Under section 11, a trust could set off excess charitable expenditure of earlier years against income of the subsequent year for AY 2017-18, because pre-01/04/2022 law contained no restriction that income must be applied only in the year it arose. The Finance Act, 2021 insertion of Explanation 5 to section 11(1), which bars such set-off, was treated as prospective from 01/04/2022. The claim could not be rejected for want of Form 9A, as that form was not required for this adjustment. The ITAT remitted the matter to the Assessing Officer only to verify the carried forward deficit and supporting records before granting relief.
Under section 11, a trust could set off excess charitable expenditure of earlier years against income of the subsequent year for AY 2017-18, because pre-01/04/2022 law contained no restriction that income must be applied only in the year it arose. The Finance Act, 2021 insertion of Explanation 5 to section 11(1), which bars such set-off, was treated as prospective from 01/04/2022. The claim could not be rejected for want of Form 9A, as that form was not required for this adjustment. The ITAT remitted the matter to the Assessing Officer only to verify the carried forward deficit and supporting records before granting relief.
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