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...
Section 153A's extended ten-year reassessment period is described as being computed differently from the six-year period. The six assessment years immediately precede the assessment year relevant to the search year, whereas the ten-year period runs from the end of that assessment year and includes the search assessment year as its first year. The note states that this interpretation also applies where seized material is received by the jurisdictional Assessing Officer under section 153C. On that computation, the reassessment notice for AY 2015-16 was treated as beyond the permissible period and quashed as time-barred.
Section 153A's extended ten-year reassessment period is described as being computed differently from the six-year period. The six assessment years immediately precede the assessment year relevant to the search year, whereas the ten-year period runs from the end of that assessment year and includes the search assessment year as its first year. The note states that this interpretation also applies where seized material is received by the jurisdictional Assessing Officer under section 153C. On that computation, the reassessment notice for AY 2015-16 was treated as beyond the permissible period and quashed as time-barred.
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