Transaction value rejection requires reliable corroboration; refundable VAT is excluded and temporary registration does not defeat new-vehicle exempti...
Appellate jurisdiction remains available where a wrist-worn gold ornament cannot conclusively be characterised as imported baggage at the preliminary ...
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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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