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...
Objective characteristics and principal use govern mining-tyre classification, while fresh advance ruling applications may rely on additional technica...
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For reassessment beyond three years, the Tribunal held that the recorded reasons must expressly satisfy the jurisdictional conditions in the proviso to section 148 and section 149(1)(b); vague references to an asset or books were insufficient, so the notices and consequential reassessments were void. It also held that material produced by a third person in response to a post-search summons under section 131 could not be treated as search material for Explanation 2 to section 148, and the Department had to follow section 148A if it wanted to rely on it. On the merits, blanket addition of two zeroes to all cash-book entries was rejected, though 16% profit estimation on supported unaccounted receipts was upheld; additions for land-development cash payments were sustained where corroborated, but an unsigned receipt issue was remitted for verification.
For reassessment beyond three years, the Tribunal held that the recorded reasons must expressly satisfy the jurisdictional conditions in the proviso to section 148 and section 149(1)(b); vague references to an asset or books were insufficient, so the notices and consequential reassessments were void. It also held that material produced by a third person in response to a post-search summons under section 131 could not be treated as search material for Explanation 2 to section 148, and the Department had to follow section 148A if it wanted to rely on it. On the merits, blanket addition of two zeroes to all cash-book entries was rejected, though 16% profit estimation on supported unaccounted receipts was upheld; additions for land-development cash payments were sustained where corroborated, but an unsigned receipt issue was remitted for verification.
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