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...
Exempt-income expenditure disallowance is confined to investments that actually generated exempt income, while supported business expenses remain dedu...
Capital gains on transfers of old immovable properties should not be computed by mechanically treating acquisition cost as nil merely because historical records are incomplete. Statutory deductions for acquisition, improvement and transfer expenditure remain relevant, and fair market value at the statutory base date may be used where applicable. Reverse indexation or a time-gap method may help estimate historical value, subject to verification of guidance value, locality, property characteristics, inflation index, enhancement and calculations; the correct cost and capital gains must then be recomputed. Interest under section 234A is compensatory and cannot apply to delay that is not legally attributable to the taxpayer. Where no valid return could legally be filed before reassessment notice, that intervening period should be excluded under lex non cogit ad impossibilia.
Capital gains on transfers of old immovable properties should not be computed by mechanically treating acquisition cost as nil merely because historical records are incomplete. Statutory deductions for acquisition, improvement and transfer expenditure remain relevant, and fair market value at the statutory base date may be used where applicable. Reverse indexation or a time-gap method may help estimate historical value, subject to verification of guidance value, locality, property characteristics, inflation index, enhancement and calculations; the correct cost and capital gains must then be recomputed. Interest under section 234A is compensatory and cannot apply to delay that is not legally attributable to the taxpayer. Where no valid return could legally be filed before reassessment notice, that intervening period should be excluded under lex non cogit ad impossibilia.
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