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...
Material evidence on unsecured loans must be considered before sustaining an addition for unexplained cash credits. The High Court noted that the Tribunal did not discuss the assessee's evidence on the lenders' source of funds, made no finding on the explanation of the source of source, and merely repeated the Assessing Officer's conclusions. It also rejected the assessee's cited precedents without examining their factual applicability. The article records that the Tribunal's order on the cash-credit addition was set aside and remanded for fresh consideration after reviewing all material and hearing the parties, with merits left open.
Material evidence on unsecured loans must be considered before sustaining an addition for unexplained cash credits. The High Court noted that the Tribunal did not discuss the assessee's evidence on the lenders' source of funds, made no finding on the explanation of the source of source, and merely repeated the Assessing Officer's conclusions. It also rejected the assessee's cited precedents without examining their factual applicability. The article records that the Tribunal's order on the cash-credit addition was set aside and remanded for fresh consideration after reviewing all material and hearing the parties, with merits left open.
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