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...
CBDT guidelines on notice timing under the Black Money Act require a notice for an alleged undisclosed foreign asset to be issued preferably within 30 days after the relevant previous year ends. Although the Act prescribes no statutory limitation period, any departure from the guideline requires recorded written reasons and approval from the competent authority. Where the tax department already possessed and acted on the relevant foreign-asset information, a later notice issued without documented reasons for delay or required approval contravenes the binding guidelines. The notes state that such non-compliance renders the notice time-barred and invalidates the consequential assessment proceedings.
CBDT guidelines on notice timing under the Black Money Act require a notice for an alleged undisclosed foreign asset to be issued preferably within 30 days after the relevant previous year ends. Although the Act prescribes no statutory limitation period, any departure from the guideline requires recorded written reasons and approval from the competent authority. Where the tax department already possessed and acted on the relevant foreign-asset information, a later notice issued without documented reasons for delay or required approval contravenes the binding guidelines. The notes state that such non-compliance renders the notice time-barred and invalidates the consequential assessment proceedings.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4782
Join Channel
TaxTMI 
