Transfer pricing and tax deductions upheld on established principles, while employee contributions and warranty provisions returned for fresh examinat...
Captive transfer pricing relies on industrial consumer tariffs, while genuine quotations can benchmark effluent treatment transfers under the Other Me...
Specific tariff classification for ophthalmic instruments and extended limitation principles determine the treatment of duty demands, confiscation, an...
Integrated golf function determines classification, placing launch monitors and simulators under other golf equipment rather than measuring instrument...
Public servant status under anti-corruption law extends to recognised stock exchange leadership; constitutional and sanction challenges do not succeed...
Acquiescence, homebuyer protection and clean-slate resolution principles prevent landowners from disrupting an integrated project through late termina...
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 4817 
Join Channel 
