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...
ITAT treated the exemption for capital gains invested in purchase of a plot and construction of a residential house as a beneficial provision requiring liberal, purposive construction. It held that once investment in acquisition and construction was established, strict insistence on a completion certificate or full completion within the period was not the sole test, and COVID-19 disruptions justified the delay; substantial compliance was enough, so the disallowance was unjustified and the exemption had to be allowed. On the stamp duty issue, it held that where the variation between purchase price and stamp duty value was below the enhanced 10% tolerance band, the curative amendment applied and the addition could not survive, so it was deleted.
ITAT treated the exemption for capital gains invested in purchase of a plot and construction of a residential house as a beneficial provision requiring liberal, purposive construction. It held that once investment in acquisition and construction was established, strict insistence on a completion certificate or full completion within the period was not the sole test, and COVID-19 disruptions justified the delay; substantial compliance was enough, so the disallowance was unjustified and the exemption had to be allowed. On the stamp duty issue, it held that where the variation between purchase price and stamp duty value was below the enhanced 10% tolerance band, the curative amendment applied and the addition could not survive, so it was deleted.
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