Specified regulatory authority income receives conditional tax exemption, subject to non-commercial activity, unchanged income character, and return f...
Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return-filing...
Input tax credit conditions remain constitutionally valid, with eligible recipient claims considered under GST circulars and retrospective filing dead...
Bogus donation receipts justified commission income assessment and defeated political-party tax exemption for inaccurate accounts and reporting failur...
Pure reimbursement without income element escapes tax withholding, while delayed withholding and unsupported provisions face deferred or renewed scrut...
Public benefit requirement defeats charitable registration where residents' association services are reciprocal, member-only facilities governed by mu...
Validity of MEIS scrips is determined at the time they are used for import. Where the scrips were issued by DGFT and were valid on the date of import, the customs benefit cannot be denied merely because the scrips were later modified to reduce the duty credit rate. The Tribunal applied its earlier view that subsequent cancellation or modification does not affect imports already completed during the period of validity, and held that this principle applies equally to utilisation by the original holder or a transferee. The demand of duty, interest and penalty based on the later modification was therefore unsustainable.
Validity of MEIS scrips is determined at the time they are used for import. Where the scrips were issued by DGFT and were valid on the date of import, the customs benefit cannot be denied merely because the scrips were later modified to reduce the duty credit rate. The Tribunal applied its earlier view that subsequent cancellation or modification does not affect imports already completed during the period of validity, and held that this principle applies equally to utilisation by the original holder or a transferee. The demand of duty, interest and penalty based on the later modification was therefore unsustainable.
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