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...
Exempt tax-free bond interest was not met with proportional disallowance where the bonds were earlier-year investments and sufficient own interest-free funds were available; the deletion of disallowance was sustained. Broken period interest on securities held as stock-in-trade was allowed as revenue expenditure. Foreign-currency loan interest from Indian borrowers was taxable on gross basis under the concessional regime. Interest between a foreign bank's head office and Indian branch was treated as self-dealing, so no taxable income or deductible expense arose. Section 14A did not apply to mutuality receipts, SLR default interest was compensatory and deductible, and a fresh expatriate salary claim was not admitted for want of foundational facts. The book-profit issue for standard assets became academic because MAT was held inapplicable to a banking company; interest on overseas placements was remanded only on actual accrual.
Exempt tax-free bond interest was not met with proportional disallowance where the bonds were earlier-year investments and sufficient own interest-free funds were available; the deletion of disallowance was sustained. Broken period interest on securities held as stock-in-trade was allowed as revenue expenditure. Foreign-currency loan interest from Indian borrowers was taxable on gross basis under the concessional regime. Interest between a foreign bank's head office and Indian branch was treated as self-dealing, so no taxable income or deductible expense arose. Section 14A did not apply to mutuality receipts, SLR default interest was compensatory and deductible, and a fresh expatriate salary claim was not admitted for want of foundational facts. The book-profit issue for standard assets became academic because MAT was held inapplicable to a banking company; interest on overseas placements was remanded only on actual accrual.
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