Commitment proceedings gain extended timelines, structured defect refiling, and automatic resumption of inquiry after the adjusted completion period e...
Centralised assessment transfer becomes unwarranted once the searched person's assessment is complete, requiring restoration to the appropriate charge...
Co-operative deduction eligibility excludes refund and commercial-bank interest, while qualifying co-operative investments require entity-wise verific...
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GST refund is not taxable when the assessee follows the exclusive method of accounting and does not route the indirect tax component through the profit and loss account. The refund in issue had been recorded as a receivable from the tax department, so it merely represented recovery of an amount already shown as an asset or as loan and advance. As the corresponding tax component had not been claimed as expenditure, the refund did not assume the character of income. The processing adjustment adding it to income was unsustainable and the addition was deleted.
GST refund is not taxable when the assessee follows the exclusive method of accounting and does not route the indirect tax component through the profit and loss account. The refund in issue had been recorded as a receivable from the tax department, so it merely represented recovery of an amount already shown as an asset or as loan and advance. As the corresponding tax component had not been claimed as expenditure, the refund did not assume the character of income. The processing adjustment adding it to income was unsustainable and the addition was deleted.
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