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Nature-dependent electricity contracts receive new Ind AS accounting, hedge designation, transition and financial-statement disclosure requirements fr...
Alternative GST remedy permitted protective writ intervention for ex parte adjudication, preserving independent appellate review of input tax credit d...
Assessment against deceased sole proprietor requires proceedings against the legal representative, rendering prior assessment and appellate orders inv...
Residential waste collection classification under SAC 999423 defeats composite-supply exemption where facilitating goods are not transferred to the lo...
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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