Specified regulatory authority income receives conditional tax exemption, subject to non-commercial activity, unchanged income character, and return f...
Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return-filing...
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...
Penalty under the Interest Tax Act required concealment of chargeable interest or furnishing of inaccurate particulars; where the assessee's earlier non-filing was found bona fide, the interest details were already available on record, and the returns filed in response to notice were accepted without addition, penalty was not leviable. The Court also noted that the deeming principle in Explanation 3 to section 271(1)(c) of the Income-tax Act could not be imported into penalty proceedings under the Interest Tax Act. On these concurrent findings, deletion of the penalty was upheld and the Revenue's appeals failed.
Penalty under the Interest Tax Act required concealment of chargeable interest or furnishing of inaccurate particulars; where the assessee's earlier non-filing was found bona fide, the interest details were already available on record, and the returns filed in response to notice were accepted without addition, penalty was not leviable. The Court also noted that the deeming principle in Explanation 3 to section 271(1)(c) of the Income-tax Act could not be imported into penalty proceedings under the Interest Tax Act. On these concurrent findings, deletion of the penalty was upheld and the Revenue's appeals failed.
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