Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return filing...
Dispute Resolution Panel objections must reach both prescribed forums; otherwise assessment may proceed and statutory appeal remains the proper remedy...
Political contribution deductions require recipient party compliance with contribution-reporting conditions; banking-channel donations alone do not qu...
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Survey-disclosed income accepted as business income remains eligible for the regular deductions available under the Act, including partners' remuneration under section 40(b). The HC held that once the appellate authorities had finally treated the surrendered amount as business income, the assessee could not be denied the deduction merely because the excess stock was not explained at the time of survey or because the income had earlier remained unrecorded. The Tribunal was therefore wrong to refuse the deduction, and relief for partners' remuneration had to be allowed on that disclosed business income.
Survey-disclosed income accepted as business income remains eligible for the regular deductions available under the Act, including partners' remuneration under section 40(b). The HC held that once the appellate authorities had finally treated the surrendered amount as business income, the assessee could not be denied the deduction merely because the excess stock was not explained at the time of survey or because the income had earlier remained unrecorded. The Tribunal was therefore wrong to refuse the deduction, and relief for partners' remuneration had to be allowed on that disclosed business income.
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