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...
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Exempt-income expenditure disallowance is confined to investments that actually generated exempt income, while supported business expenses remain dedu...
ITAT held that enhanced tax under Section 115BBE did not apply, following S.M.I.L.E. Microfinance Ltd., and the Revenue's challenge on that point failed. It also deleted the Section 68 addition because the impugned credit was supported by additional evidence showing a journal entry transferring a retiring partner's existing capital balance to an unsecured loan account, with no cash movement. The Tribunal found that the appellate authority had ignored the partner's capital account and ledger material, and that a mere book transfer of capital into unsecured loan did not constitute an unexplained cash credit. The assessee's appeal was allowed.
ITAT held that enhanced tax under Section 115BBE did not apply, following S.M.I.L.E. Microfinance Ltd., and the Revenue's challenge on that point failed. It also deleted the Section 68 addition because the impugned credit was supported by additional evidence showing a journal entry transferring a retiring partner's existing capital balance to an unsecured loan account, with no cash movement. The Tribunal found that the appellate authority had ignored the partner's capital account and ledger material, and that a mere book transfer of capital into unsecured loan did not constitute an unexplained cash credit. The assessee's appeal was allowed.
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