Belated Form 10B filing during Covid-19 cannot defeat charitable exemption where genuine hardship warrants condonation and substantial justice prevail...
Limitation for consequential assessments runs from prescribed authority receipt, while verified purchases cannot be disallowed merely for unanswered s...
Higher depreciation for qualifying commercial vehicles, exempt-income disallowance, research deduction verification, and club-expense treatment clarif...
Charitable registration renewal cannot become an assessment of receipts, profitability or annual exemption compliance, requiring renewal and donation ...
AMP expenditure for own business is not an international transaction without an associated-enterprise arrangement, eliminating transfer pricing adjust...
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Reassessment was upheld because prior approval for the section 143(2) notice was found to have been communicated before issue, and the section 151 sanction and section 148B approval were not shown to suffer from non-application of mind. The Tribunal also held that seized books and digital cash ledgers found at third-party premises could be used where evidence showed group possession, control and participation in maintaining the records. On quantum, it rejected separate taxation of alleged on-money, V A/c and other entries on gross or estimated basis, holding that the seized material represented a single common cash pool and income had to be recomputed only on a unified year-wise peak credit basis in the assessee's hands.
Reassessment was upheld because prior approval for the section 143(2) notice was found to have been communicated before issue, and the section 151 sanction and section 148B approval were not shown to suffer from non-application of mind. The Tribunal also held that seized books and digital cash ledgers found at third-party premises could be used where evidence showed group possession, control and participation in maintaining the records. On quantum, it rejected separate taxation of alleged on-money, V A/c and other entries on gross or estimated basis, holding that the seized material represented a single common cash pool and income had to be recomputed only on a unified year-wise peak credit basis in the assessee's hands.
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