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...
Administrative fraud classification suspension does not halt independent criminal investigation or warrant-based searches into alleged economic offenc...
A mistaken claim in the return does not by itself defeat exemption where the assessee's substantive status as a local authority is established. The Tribunal noted that the Revenue had accepted the assessee's entitlement in earlier and later assessments, there was no change in its activities, and the receipts were from municipal functions supported by audited accounts and budget documents. On that basis, the inadvertent claim of deduction under section 57 instead of exemption under section 10(20) was treated as an error in form, not substance. The exemption was held allowable and the addition made by denying it was deleted.
A mistaken claim in the return does not by itself defeat exemption where the assessee's substantive status as a local authority is established. The Tribunal noted that the Revenue had accepted the assessee's entitlement in earlier and later assessments, there was no change in its activities, and the receipts were from municipal functions supported by audited accounts and budget documents. On that basis, the inadvertent claim of deduction under section 57 instead of exemption under section 10(20) was treated as an error in form, not substance. The exemption was held allowable and the addition made by denying it was deleted.
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