A push towards Green Investments: IREDA bonds granted Section 54EC tax benefit status
CBDT grants Section 54EC tax-exempt status to IREDA bonds allowing up to ₹50L capital gains exemption for investments in independent renewable energy projects.
Tax Exemption
“No equity in taxation law”: Himachal Pradesh HC refuses tax exemption under S. 14 HP Motor Vehicles Taxation Act to man who bought auctioned vehicles
“It is more than settled that there is no equity in taxation law and equity would only come into play in case there is no law operating in the field. For it is well settled that whenever conflict is between the law and equity, law would prevail.”
Whether ‘tractor-trailer’ sans ‘motor’ falls under ‘motor vehicle’ and is amenable to entry tax under Odisha Entry tax Act? Orissa HC answers
Section 2(h)-“Motor Vehicle” means a Motor Vehicle as defined in Clause 28 of Section 2 of the Motor Vehicles Act, 1988; [excluding any tractor, earth mover, excavator, bulldozer or road-roller].
Milk cream is a product different from milk, hence not exempted from tax: Himachal Pradesh High Court
“A person who wishes to buy milk cream would not go to the market and ask for milk. He would only ask for milk cream because it is a separate product, though also a milk product.”
Mere use of a Tamil letter in a film cannot be a ground to grant exemption from payment of Entertainment Tax; Madras High Court
Exemption from payment of Entertainment tax given to a film is a concession granted by the Government to encourage the film makers to use Tamil title for their films. Concession can never be claimed as a matter of right.
Mentally retarded persons are also entitled for tax exemption while purchasing motor cars; Kerala High Court set aside notification for being discriminatory
Kerala High Court held that the exclusion of mentally retarded persons from tax exemption while buying motor cars is discriminatory and they are also entitled to tax exemption.
Sikkimese women can’t be denied tax exemption merely for marrying non-Sikkimese men after April 2008; SC strikes down Proviso to Section 10(26AAA) of Income Tax Act
Noting that there is no disqualification for a Sikkim man, who marries a non-Sikkimese after 01.04.2008, the Supreme Court observed that the discrimination is based on gender.
They are all Sikkimese! All old settlers entitled to the exemption under Section 10(26AAA) of the Income Tax Act: Supreme Court
While MR Shah, J, has struck down the definition of “Sikkimese” in Section 10(26AAA) of the Income Tax Act, 1961, Nagarathna, J, has called for saving the Explanation to Section 10(26AAA) and has created a stopgap ‘sub-clause (iv)’ till the Union of India makes the requisite amendment to the provision.
Advancement of technology not “diversification”; Trade tax exemption can be claimed only if goods of different nature are manufactured: Supreme Court
The Supreme Court was hearing the case where a manufacturer was earlier manufacturing “Spun Line Crown Cork” used for sealing the glass bottles but now with the use of modern technologies, was manufacturing “Double Lip Dry Blend Crowns”, also used for sealing the glass bottles.
Explained| Can GPU Charities involved in trade claim tax exemption? [Section 2(15) of the Income Tax Act, 1961]
Supreme Court: Interpreting the proviso to Section 2(15) of the Income Tax Act, 1961 (IT Act) introduced by amendment w.e.f. 01.04.2009, the
Profit-oriented Educational Institutions not entitled to tax emption under Section 10(23C) of the Income Tax Act, 1961: Supreme Court
“In a knowledge based, information driven society, true wealth is education – and access to it. Every social order accommodates, and even
Which services are covered under ‘Agricultural Extension Services’? Karnataka Authority for Advance Ruling explains
Authority for Advance Ruling (Karnataka): In a case relating to whether the services, including education and training to farmers with regard to
Whether the term “school children” includes university students while interpreting Government Memo exempting buses carrying school children from Passengers Tax? SC clarifies
Supreme Court: While holding that the term “school children” will include college and university as well while interpreting government memo exempting passengers
ITAT | Bar Council of Delhi’s dominant purpose is advancement of general public utility: Held entitled for registration under S. 12-AA and consequent exemption under S. 80-G, Income Tax Act
Income Tax Appellate Tribunal (ITAT): A Division Bench of R.K. Panda (Accountant Member) and Kuldip Singh (Judicial Member), while addressing a matter held,
Cabinet approves Taxation Laws (Amendment) Bill, 2019
The Union Cabinet has approved the proposal for introducing the Taxation Laws (Amendment) Bill, 2019 in order to replace the Ordinance. Economic
Supply of goods by retail outlets in departure area at international airport’s to an outgoing international tourist — Exempted from IGST
G.S.R (E ).-In exercise of the powers conferred by sub-section (1) of Section 6 of the Integrated Goods and Services Tax Act,
Pak SC | OUP (Pakistan) entitled to tax exemption under Cl. 86 of Income Tax Ordinance; holds judgment by SC of India in OUP India case wrong
Supreme Court of Pakistan: The Three-Judge Bench of Umar Ata Bandial, Munib Akhtar and Yahya Afridi, JJ. set aside the judgment of
Ambiguity in tax exemption provisions to be interpreted in favour of the revenue; 20-year old ratio held not correct: SC
Supreme Court: A five-Judge Constitution Bench speaking through N.V. Ramana, J., while invalidating the ratio of Sun Export Corpn. v. Collector of