Assessee had claimed a tax exemption under Section 10(23C)(vi) which allowed tax exemptions for educational institutions provided certain conditions prescribed by the Chief Commissioner of Income Tax (CCIT) were met.
Assessee claimed to have receiving services in the fields of technology, Services, Risk Information Management, Head quarter, Technology Services/back office support services/treasury/regional headquarter services etc.
Alena Cyprus had also filed its return of income in India for the AY 2018-19 wherein LTCG of Rs. 80,86,75,225 arising from sale of shares to assessee were declared exemption claimed under Article 13 of the India-Cyprus DTAA.
Assessee-customs broker firm had challenged the suspension of its license by the Principal Commissioner of Customs, Chennai, and subsequent proceedings initiated for the revocation of its license.
Where AO failed to issue a notice under Section 143(2) and proceed directly by rejecting the return filed by assessee, the reassessment action would thus be liable to be quashed.
The case of assessee-company was that originally the assessment was transferred to the National e-Assessment Centre and notices were issued by the National e-Assessment Centre, New Delhi.
Assessee-bank had calculated tax for the relevant assessment year based on both book profits under Section 115JB at Rs.604,86,39,540 and normal provisions at Rs.1153,29,54,493.
Tax Concession on the buses owned by assessee to transport students and staff could not be denied just because the vehicle was registered in the name of Trust and not school as the respective authority failed to see the objects of assessee-trust as an educational Trust.
Light green float glass (tinted non-wired type) should be classified under tinted glass for duty purpose under the Customs Tariff Heading (CTH) 70051010 provided that the goods imported matched the description of “Light Green Float Glass (Tinted Non-Wired Type).
Where an agricultural land was sold to a non-agriculturist, the same did not loose its status as agricultural land and could not be classified as a capital assets.
