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...
Foreign-currency loan interest must be benchmarked against the relevant currency's LIBOR-based rate, not domestic lending rates; the interest adjustment was deleted. Corporate guarantees were treated as international transactions, but commission was restricted to 0.50% of outstanding guarantees. For section 10A, separately claimed units require factual examination as independent undertakings, while exclusions from export turnover must also be excluded from total turnover. Exempt-income disallowance excludes interest where interest-free funds exceed investments, with administrative expenditure limited to investments yielding exempt income. Hedging losses on export-related forward contracts were treated as non-speculative revenue losses. Several issues, including BPO benchmarking, software licences, creditor balances, TDS credit, surplus-fund income and foreign tax credit, required verification or fresh examination.
Foreign-currency loan interest must be benchmarked against the relevant currency's LIBOR-based rate, not domestic lending rates; the interest adjustment was deleted. Corporate guarantees were treated as international transactions, but commission was restricted to 0.50% of outstanding guarantees. For section 10A, separately claimed units require factual examination as independent undertakings, while exclusions from export turnover must also be excluded from total turnover. Exempt-income disallowance excludes interest where interest-free funds exceed investments, with administrative expenditure limited to investments yielding exempt income. Hedging losses on export-related forward contracts were treated as non-speculative revenue losses. Several issues, including BPO benchmarking, software licences, creditor balances, TDS credit, surplus-fund income and foreign tax credit, required verification or fresh examination.
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