PMLA anticipatory bail requires satisfaction of twin conditions, while predicate-offence protection does not extend to independent money-laundering pr...
School-affiliation charges remain taxable where not directly connected with examinations, while extended limitation requires proof of deliberate tax e...
Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
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Interest earned on fixed deposits kept only to furnish a bank guarantee for the project was held to have an inextricable nexus with the project and, therefore, had to be capitalised to work-in-progress rather than taxed as income from other sources. The Tribunal found the deposits were not a deployment of surplus funds, the bank guarantee remained in force during the relevant year, and the project had not finally ceased because cancellation was still under challenge. On that basis, it applied the project-linked receipt principle and distinguished Tuticorin Alkali, deleting the addition.
Interest earned on fixed deposits kept only to furnish a bank guarantee for the project was held to have an inextricable nexus with the project and, therefore, had to be capitalised to work-in-progress rather than taxed as income from other sources. The Tribunal found the deposits were not a deployment of surplus funds, the bank guarantee remained in force during the relevant year, and the project had not finally ceased because cancellation was still under challenge. On that basis, it applied the project-linked receipt principle and distinguished Tuticorin Alkali, deleting the addition.
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