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...
Internal comparable pricing for captive power transfers was accepted where the same consuming units bought electricity from State distribution companies in the same market and period, resulting in deletion of transfer-pricing adjustments. Exempt-income disallowance was confined to dividend-yielding investments, and MAT adjustments required an independent determination of expenditure from the accounts. Expansion-related operating costs remained revenue expenditure unless directly attributable to acquiring or installing capital assets. Captive rail systems qualified as infrastructure facilities for section 80-IA, while common costs required expenditure-based allocation supported by a nexus. Incentives linked to capital investment and expansion were treated as capital receipts and excluded from book profit. The notes also address investment allowance, additional depreciation, bad debts, leave encashment, and specified MAT adjustments.
Internal comparable pricing for captive power transfers was accepted where the same consuming units bought electricity from State distribution companies in the same market and period, resulting in deletion of transfer-pricing adjustments. Exempt-income disallowance was confined to dividend-yielding investments, and MAT adjustments required an independent determination of expenditure from the accounts. Expansion-related operating costs remained revenue expenditure unless directly attributable to acquiring or installing capital assets. Captive rail systems qualified as infrastructure facilities for section 80-IA, while common costs required expenditure-based allocation supported by a nexus. Incentives linked to capital investment and expansion were treated as capital receipts and excluded from book profit. The notes also address investment allowance, additional depreciation, bad debts, leave encashment, and specified MAT adjustments.
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