Transferable duty credit scrips validity and bona fide transferee entitlement to exemption upheld where scrips were subsisting at import, appeals allo...
Classification of knocked down motor vehicle component imports: Notification benefit denied because items are standalone non kit parts requiring subst...
Reassessment against a deceased assessee: procedural defect mandates fresh reassessment; nonresponsive petitioner may be treated as legal representati...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4823 
Join Channel 
