Penalty for estimation of income and disallowances for tax non-deduction clarified: estimation-based penalties not sustainable; additions without conc...
Managerial remuneration disallowance under s.40A(2)(b) challenged over alleged tax-avoidance; appellate decision restored deletion of addition for dir...
Classification of imported goods as electronic cigarette versus tobacco product reversed for lack of proof; order set aside for jurisdictional overrea...
A Government company wholly controlled by the State Government through the Governor, with power to appoint and remove directors, was treated as eligible for exemption under section 10(26B) on the basis of its incorporation documents and memorandum and articles of association. The Tribunal followed the co-ordinate bench view in the assessee's own case and accepted that the company was established by the State, so its income was exempt. As the Revenue did not dispute the foundational facts and only raised res judicata, the Tribunal found no error in deleting the additions as non-taxable and upheld the exemption.
A Government company wholly controlled by the State Government through the Governor, with power to appoint and remove directors, was treated as eligible for exemption under section 10(26B) on the basis of its incorporation documents and memorandum and articles of association. The Tribunal followed the co-ordinate bench view in the assessee's own case and accepted that the company was established by the State, so its income was exempt. As the Revenue did not dispute the foundational facts and only raised res judicata, the Tribunal found no error in deleting the additions as non-taxable and upheld the exemption.
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