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 54F requires construction of a residential house within three years of transfer of the original asset; it does not require the underlying land to be acquired after that transfer. The cost of land bought earlier may therefore form part of the cost of the new residential house. The note further explains that failure to deposit unutilised capital gains in the Capital Gains Account Scheme by the section 139(1) due date does not defeat exemption where the consideration is actually used for genuine construction within the statutory period, treating the deposit requirement as procedural where substantive investment conditions are met.
Section 54F requires construction of a residential house within three years of transfer of the original asset; it does not require the underlying land to be acquired after that transfer. The cost of land bought earlier may therefore form part of the cost of the new residential house. The note further explains that failure to deposit unutilised capital gains in the Capital Gains Account Scheme by the section 139(1) due date does not defeat exemption where the consideration is actually used for genuine construction within the statutory period, treating the deposit requirement as procedural where substantive investment conditions are met.
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