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...
Reassessment after four years may proceed where a taxpayer credits a waived retired partner's capital balance but claims its exclusion from taxable income without disclosing supporting facts or the basis of non-taxability. The material states that such omission can amount to failure of full and true disclosure, and recorded reasons need only show a live link to a prima facie belief of escaped income; reassessment was sustained. On taxability, the taxpayer must substantiate the account composition, conversion to unsecured loan, retirement arrangement and waiver, while the assessing authority must identify the charging provision and give reasons. The addition was remanded for de novo, reasoned determination.
Reassessment after four years may proceed where a taxpayer credits a waived retired partner's capital balance but claims its exclusion from taxable income without disclosing supporting facts or the basis of non-taxability. The material states that such omission can amount to failure of full and true disclosure, and recorded reasons need only show a live link to a prima facie belief of escaped income; reassessment was sustained. On taxability, the taxpayer must substantiate the account composition, conversion to unsecured loan, retirement arrangement and waiver, while the assessing authority must identify the charging provision and give reasons. The addition was remanded for de novo, reasoned determination.
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