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 2(22)(e) deems certain loans or advances to be dividends but enlarges only the meaning of dividend, not shareholder status. Its Explanation 3 defines "concern" as a HUF, firm, association of persons, body of individuals or company, and does not include a public Trust. A loan or advance from a private company to a public Trust therefore ordinarily cannot be treated as deemed dividend merely because the managing trustee holds substantial shares in the lender. The position may differ if the Trust is itself a qualifying shareholder or acts as a conduit for the trustee's individual benefit. On the stated facts, the reopening order and notices were quashed.
Section 2(22)(e) deems certain loans or advances to be dividends but enlarges only the meaning of dividend, not shareholder status. Its Explanation 3 defines "concern" as a HUF, firm, association of persons, body of individuals or company, and does not include a public Trust. A loan or advance from a private company to a public Trust therefore ordinarily cannot be treated as deemed dividend merely because the managing trustee holds substantial shares in the lender. The position may differ if the Trust is itself a qualifying shareholder or acts as a conduit for the trustee's individual benefit. On the stated facts, the reopening order and notices were quashed.
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