Handicraft job work receives concessional GST only for registered principals and predominantly handmade goods; commercial resin articles remain taxabl...
Reassessment disclosure requirements permit stated reasons without revealing information sources, but prior-taxation claims require full examination b...
Independent assessment discretion and corroborated electronic evidence determine validity of on-money additions and undisclosed-consideration assessme...
ITAT held that accumulation of income validly made by a charitable trust in A.Y. 2017-18 could be applied in A.Y. 2023-24, because the law then permitted utilisation within five years and in the immediately succeeding year. The Finance Act, 2022 amendment to section 11(3) was treated as prospective and incapable of extinguishing an already accrued right of utilisation. The Tribunal also noted that the timing of the amendment left no practical opportunity to comply with the shortened period, and a law cannot require performance of an impossible act. The addition under section 11(3) was deleted and the Revenue's appeal was rejected.
ITAT held that accumulation of income validly made by a charitable trust in A.Y. 2017-18 could be applied in A.Y. 2023-24, because the law then permitted utilisation within five years and in the immediately succeeding year. The Finance Act, 2022 amendment to section 11(3) was treated as prospective and incapable of extinguishing an already accrued right of utilisation. The Tribunal also noted that the timing of the amendment left no practical opportunity to comply with the shortened period, and a law cannot require performance of an impossible act. The addition under section 11(3) was deleted and the Revenue's appeal was rejected.
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