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 return filed in response to a notice under section 148, when filed within the period specified in that notice, is treated under section 148(2) as a return furnished under section 139. Read together, sections 148 and 80AC permit a deduction claim where the reassessment return is timely, notwithstanding that no original return was filed under section 139(1). The text also explains that revision under section 263 is not warranted where the assessment record shows that the deduction claim was examined and allowed after application of mind; the assessment order must be both erroneous and prejudicial to Revenue interests.
A return filed in response to a notice under section 148, when filed within the period specified in that notice, is treated under section 148(2) as a return furnished under section 139. Read together, sections 148 and 80AC permit a deduction claim where the reassessment return is timely, notwithstanding that no original return was filed under section 139(1). The text also explains that revision under section 263 is not warranted where the assessment record shows that the deduction claim was examined and allowed after application of mind; the assessment order must be both erroneous and prejudicial to Revenue interests.
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