Specified regulatory authority income receives conditional tax exemption, subject to non-commercial activity, unchanged income character, and return f...
Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return-filing...
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...
A Section 7 insolvency application was treated as time-barred because the record supported 31 March 2019 as the nearest ascertainable date of default, while a later date asserted by affidavit lacked evidentiary basis. The limitation period had therefore expired before the demand notice and filing, rendering the application not maintainable. The notes also state that a surviving-partner majority could authorise commencement of insolvency proceedings and that one partner could file in the firm's name. Advances recorded as repayable in balance sheets and ledgers constituted financial debt, even without a formal loan agreement or interest payment.
A Section 7 insolvency application was treated as time-barred because the record supported 31 March 2019 as the nearest ascertainable date of default, while a later date asserted by affidavit lacked evidentiary basis. The limitation period had therefore expired before the demand notice and filing, rendering the application not maintainable. The notes also state that a surviving-partner majority could authorise commencement of insolvency proceedings and that one partner could file in the firm's name. Advances recorded as repayable in balance sheets and ledgers constituted financial debt, even without a formal loan agreement or interest payment.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4785
Join Channel
TaxTMI 
