Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
Pre-existing operational debt disputes require genuine evidence, while undirected running-account payments may be appropriated on a first-in-first-out...
Agency in CNG distribution makes outlet operators commission agents, rendering taxable Business Auxiliary Service rather than purchasing goods for res...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4792
Join Channel
TaxTMI 
