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...
Gains from cancellation or early settlement of forward foreign exchange contracts entered solely to hedge debt investments retain the capital character of the underlying capital assets. The contracts were restricted by the underlying foreign-exchange exposure, could not subsist independently after disposal of the securities, and their settlement extinguished contractual rights and obligations, constituting a transfer. Accordingly, the gain was treated under Capital Gains rather than Income from Other Sources. Consistent coordinate Bench decisions in the same taxpayer's case remained binding despite pending High Court appeals, absent any stay or reversal, and were followed. Penalty-initiation objections were described as premature.
Gains from cancellation or early settlement of forward foreign exchange contracts entered solely to hedge debt investments retain the capital character of the underlying capital assets. The contracts were restricted by the underlying foreign-exchange exposure, could not subsist independently after disposal of the securities, and their settlement extinguished contractual rights and obligations, constituting a transfer. Accordingly, the gain was treated under Capital Gains rather than Income from Other Sources. Consistent coordinate Bench decisions in the same taxpayer's case remained binding despite pending High Court appeals, absent any stay or reversal, and were followed. Penalty-initiation objections were described as premature.
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