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...
A power-generating undertaking may exercise the second proviso to rule 5(1A) option to claim depreciation under rule 5(1) and Appendix I through its return and disclosed computation, as no separate form or prescribed mode is required. A depreciation claim does not constitute furnishing inaccurate particulars where asset details, cost, use, rates and computation are fully disclosed and no primary fact, entry or asset is false or bogus. Voluntary revision before a specific depreciation query may support bona fides, even if made during assessment after the revised-return period. Explanation 1 to section 271(1)(c) does not apply where the taxpayer's explanation is substantiated, bona fide and accompanied by full disclosure of material facts.
A power-generating undertaking may exercise the second proviso to rule 5(1A) option to claim depreciation under rule 5(1) and Appendix I through its return and disclosed computation, as no separate form or prescribed mode is required. A depreciation claim does not constitute furnishing inaccurate particulars where asset details, cost, use, rates and computation are fully disclosed and no primary fact, entry or asset is false or bogus. Voluntary revision before a specific depreciation query may support bona fides, even if made during assessment after the revised-return period. Explanation 1 to section 271(1)(c) does not apply where the taxpayer's explanation is substantiated, bona fide and accompanied by full disclosure of material facts.
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