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...
Exempt-income expenditure disallowance is confined to investments that actually generated exempt income, while supported business expenses remain dedu...
Computer software acquired by the assessee was held to fall within the depreciable block of assets for computers including computer software, so depreciation had to be allowed at that rate and not as a business or commercial right under the intangible asset head. On section 14A read with Rule 8D, the Tribunal accepted the assessee's own disallowance on the facts, noting no dividend income from equity investments and only nominal exempt LLP profit, and restricted the disallowance to the suo motu amount. For MAT under section 115JB, it followed Vireet Investment and held that a Rule 8D disallowance does not enter book profit, so the addition was deleted and interest was to be recomputed consequentially.
Computer software acquired by the assessee was held to fall within the depreciable block of assets for computers including computer software, so depreciation had to be allowed at that rate and not as a business or commercial right under the intangible asset head. On section 14A read with Rule 8D, the Tribunal accepted the assessee's own disallowance on the facts, noting no dividend income from equity investments and only nominal exempt LLP profit, and restricted the disallowance to the suo motu amount. For MAT under section 115JB, it followed Vireet Investment and held that a Rule 8D disallowance does not enter book profit, so the addition was deleted and interest was to be recomputed consequentially.
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