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...
In closely held companies, share capital credits require proof of identity, creditworthiness and genuineness; mere documentary filing is not enough where enquiries create doubts, and the share capital and premium addition was restored. Alleged commission on accommodation entries could not be sustained on surmise alone, so relief was granted on that item. Sundry creditor transactions required fresh verification because unresolved mismatches and bona fides concerns remained, so the issue was remanded for enquiry. On gross profit, complete deletion was rejected, but the best-judgment estimate was moderated and the rate was directed to be recomputed at 7%.
In closely held companies, share capital credits require proof of identity, creditworthiness and genuineness; mere documentary filing is not enough where enquiries create doubts, and the share capital and premium addition was restored. Alleged commission on accommodation entries could not be sustained on surmise alone, so relief was granted on that item. Sundry creditor transactions required fresh verification because unresolved mismatches and bona fides concerns remained, so the issue was remanded for enquiry. On gross profit, complete deletion was rejected, but the best-judgment estimate was moderated and the rate was directed to be recomputed at 7%.
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