Belated Form 10B filing during Covid-19 cannot defeat charitable exemption where genuine hardship warrants condonation and substantial justice prevail...
Limitation for consequential assessments runs from prescribed authority receipt, while verified purchases cannot be disallowed merely for unanswered s...
Higher depreciation for qualifying commercial vehicles, exempt-income disallowance, research deduction verification, and club-expense treatment clarif...
Charitable registration renewal cannot become an assessment of receipts, profitability or annual exemption compliance, requiring renewal and donation ...
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Documentary evidence of allotment, continuity of shareholding and transfer deeds was treated as sufficient to prove that the shares sold were bonus shares held by the assessee. On that factual basis, the sale proceeds were not regarded as unexplained cash credit and were not taxed as income from other sources, despite discrepancies in the memorandum of understanding and consideration details. Because the quantum addition fell, the consequential penalty for furnishing inaccurate particulars also failed and was deleted.
Documentary evidence of allotment, continuity of shareholding and transfer deeds was treated as sufficient to prove that the shares sold were bonus shares held by the assessee. On that factual basis, the sale proceeds were not regarded as unexplained cash credit and were not taxed as income from other sources, despite discrepancies in the memorandum of understanding and consideration details. Because the quantum addition fell, the consequential penalty for furnishing inaccurate particulars also failed and was deleted.
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