exemption - Raw Law

Bombay High Court Holds Sales Tax Incentives for Industries in Backward Areas as Capital Receipts Not Taxable, Clarifies “Purpose Test” Over Form, Enabling Industries to Claim Exemption for Setting Up New Units

Court’s Decision The Bombay High Court (Nagpur Bench) held that sales tax incentives provided under Maharashtra Government’s industrial promotion schemes for setting up units in backward areas are capital receipts…

Rawlaw July 6, 2025

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Bombay High Court Quashes Income Tax Reassessment Against Bharat Petroleum Corporation Limited for Alleged Wrong Dividend Exemption, Holding No Failure to Disclose Material Facts and Reopening Beyond Limitation is Invalid Under First Proviso to Reassessment Powers

Court’s Decision The Bombay High Court quashed reassessment notices and orders issued against Bharat Petroleum Corporation Limited for Assessment Years 2013-14 and 2014-15, holding that the Income Tax Department could…

Rawlaw July 6, 2025

News

Kerala High Court- “Once advance authorisation is granted and not cancelled, Customs authorities cannot deny exemption merely on nomenclature disputes.”

Court’s Decision The Kerala High Court allowed the appeal by Nitta Gelatin India Limited, setting aside the Customs Department’s demand for differential duty on imports under advance authorisation, while dismissing…

Rawlaw June 28, 2025