Employee recoveries, input tax credit and notice pay recovery under GST: AAR distinguishes taxable supplies from non-taxable perquisites and penalties...
Liberal construction of sufficient cause justifies condonation of inordinate delay where criminal proceedings and jail confinement explained the defau...
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Partial denial of exemption for benefit to specified persons was confined to the income said to have been diverted; the broader exemption under sections 11 and 12 was not forfeited in full, and the 15 per cent amount treated as deemed application under section 11 was deleted. A payment to a related concern was not hit by the specified concern rule because the trustee's voting power was below the 20 per cent threshold, and a procedural error in Form 10B did not defeat the exemption claim. Capital expenditure was also allowed as application of income on an accrual basis, with supporting invoices, disclosure in the balance sheet, and replies to notices sufficient on the facts.
Partial denial of exemption for benefit to specified persons was confined to the income said to have been diverted; the broader exemption under sections 11 and 12 was not forfeited in full, and the 15 per cent amount treated as deemed application under section 11 was deleted. A payment to a related concern was not hit by the specified concern rule because the trustee's voting power was below the 20 per cent threshold, and a procedural error in Form 10B did not defeat the exemption claim. Capital expenditure was also allowed as application of income on an accrual basis, with supporting invoices, disclosure in the balance sheet, and replies to notices sufficient on the facts.
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