Fair market value under section 50C must reflect existing property condition, not hypothetical development, and statutory valuation steps must be foll...
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Issuing bogus donation receipts and returning purported...
Bogus donation receipts justified commission income assessment and defeated political-party tax exemption for inaccurate accounts and reporting failures.
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Issuing bogus donation receipts and returning purported donations to contributors supported assessment of commission income, with 6% of the purported donations treated as income rather than the full amount. The factual finding that false receipts enabled contributors to claim deductions was not open to interference in appeal. Deletion of a cash-credit addition did not establish entitlement to political-party tax exemption: exemption was unavailable where accounts failed to show genuine contributions and the prescribed reporting obligation to the Election Commission was improperly met or not met. The appeals were dismissed.
Issuing bogus donation receipts and returning purported donations to contributors supported assessment of commission income, with 6% of the purported donations treated as income rather than the full amount. The factual finding that false receipts enabled contributors to claim deductions was not open to interference in appeal. Deletion of a cash-credit addition did not establish entitlement to political-party tax exemption: exemption was unavailable where accounts failed to show genuine contributions and the prescribed reporting obligation to the Election Commission was improperly met or not met. The appeals were dismissed.
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