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...
Belated furnishing of a tax audit report is described as a technical or venial breach where the report was already available to, and considered by, the Assessing Officer before reassessment was completed. The note states that, where reassessment took account of the report and no addition was made, the delayed filing did not warrant penalty under section 271B. It records that the penalty was deleted because the procedural lapse did not affect the reassessment process.
Belated furnishing of a tax audit report is described as a technical or venial breach where the report was already available to, and considered by, the Assessing Officer before reassessment was completed. The note states that, where reassessment took account of the report and no addition was made, the delayed filing did not warrant penalty under section 271B. It records that the penalty was deleted because the procedural lapse did not affect the reassessment process.
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