Search Results for "retrospective exemption"

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Bombay High Court Allows Revenue Appeals in Part, Remands for Fresh Consideration of Exemption Under Section 10(23C)(iiiab) of Income Tax Act, 1961 — Tribunal's Order Set Aside for Not Considering Whether Assessee is Wholly or Substantially Financed by Government.

The case involves three appeals filed by the Revenue under Section 260A of the Income Tax Act, 1961, challenging two orders of the Income Tax Appellat...

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Bombay High Court Allows Revision Petition Under Section 264 of Income Tax Act Despite Retrospective Amendment After Assessment Order. Commissioner Must Consider Retrospective Amendment as Law Deemed to Exist on Date of Assessment Order.

The petitioner, Kalpesh M. Nagda, filed his return of income for Assessment Year 2003-2004 on 25 November 2003, declaring total income of Rs.48,22,312...

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Supreme Court Allows Assessee’s Appeal in Excise Exemption Case: Commercial Meaning of ‘Hank’ Prevails Over Technical Definition. Notification Exempting Cotton Yarn Cleared in ‘Hanks’ Interpreted According to Trade Understanding Under Central Excise & Salt Act, 1944.

The appellant, a cotton spinning mill, manufactured cotton yarn of counts 20 to 32. In June 1962, the government issued a notification exempting cotto...

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Supreme Court Reviews Constitutional Validity of UGC Regulations Mandating NET/SLET as Minimum Qualification for Lecturer Appointments. Conflicting High Court Decisions on Whether Regulation is Prospective and Intra Vires UGC Act Addressed.

The case involved a batch of appeals before the Supreme Court challenging the constitutional validity of the University Grants Commission (Minimum Qua...