Specified regulatory authority income receives conditional tax exemption, subject to non-commercial activity, unchanged income character, and return f...
Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return-filing...
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...
Public benefit requirement defeats charitable registration where residents' association services are reciprocal, member-only facilities governed by mu...
Section 43 penalty under the Black Money Act was held unsustainable where the foreign investment was disclosed in the audited balance sheet and in Part A-BS of the return, even though Schedule FA was left blank. The Tribunal held that the statutory trigger is failure to furnish information in the return of income, and that this requirement was met because the return was not silent on the foreign asset. A CBDT circular or FAQ could not widen the penalty provision. In the absence of any allegation that the investment was unexplained, unaccounted, or sourced from undisclosed foreign income, the omission was treated as a technical reporting lapse. The CIT(A)'s deletion of penalty was affirmed.
Section 43 penalty under the Black Money Act was held unsustainable where the foreign investment was disclosed in the audited balance sheet and in Part A-BS of the return, even though Schedule FA was left blank. The Tribunal held that the statutory trigger is failure to furnish information in the return of income, and that this requirement was met because the return was not silent on the foreign asset. A CBDT circular or FAQ could not widen the penalty provision. In the absence of any allegation that the investment was unexplained, unaccounted, or sourced from undisclosed foreign income, the omission was treated as a technical reporting lapse. The CIT(A)'s deletion of penalty was affirmed.
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