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...
In a suit on a promissory note, the HC noted that untraversed pleadings and the absence of cross-examination meant the plaintiff's case on advance and execution stood admitted, and an adverse finding on lending capacity was perverse where the defendant filed no written statement and the court did not clarify its own doubts by questioning the witness. It further held that a promissory note need not be attested, non-examination of an attestor was not fatal, and breach of the cash-loan prohibition under section 269SS may attract tax consequences but does not make the debt void or unenforceable. The plaintiff's claim was therefore upheld.
In a suit on a promissory note, the HC noted that untraversed pleadings and the absence of cross-examination meant the plaintiff's case on advance and execution stood admitted, and an adverse finding on lending capacity was perverse where the defendant filed no written statement and the court did not clarify its own doubts by questioning the witness. It further held that a promissory note need not be attested, non-examination of an attestor was not fatal, and breach of the cash-loan prohibition under section 269SS may attract tax consequences but does not make the debt void or unenforceable. The plaintiff's claim was therefore upheld.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4792
Join Channel
TaxTMI 
