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...
Public benefit requirement defeats charitable registration where residents' association services are reciprocal, member-only facilities governed by mu...
Exempt-income expenditure disallowance is confined to investments that actually generated exempt income, while supported business expenses remain dedu...
Surrendered income offered during a survey was accepted as business income at normal rates, and the Tribunal held that the enhanced tax rate under section 115BBE could not be applied for AY 2017-18. Relying on later High Court authority, it treated the higher rate as prospective from 01.04.2017, relevant from AY 2018-19 onwards, and therefore inapplicable to the year in issue. The surrendered sum was directed to be taxed only at normal rates, not at the enhanced rate under section 115BBE.
Surrendered income offered during a survey was accepted as business income at normal rates, and the Tribunal held that the enhanced tax rate under section 115BBE could not be applied for AY 2017-18. Relying on later High Court authority, it treated the higher rate as prospective from 01.04.2017, relevant from AY 2018-19 onwards, and therefore inapplicable to the year in issue. The surrendered sum was directed to be taxed only at normal rates, not at the enhanced rate under section 115BBE.
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