Specified regulatory authority income receives conditional tax exemption, subject to non-commercial activity, unchanged income character, and return f...
Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return-filing...
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...
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Balance-sheet reclassifications arising from capitalisation of project expenditure and reversal of duplicate entries do not, by themselves, create taxable income. Transfer of Capital Work-in-Progress or pre-operative expenditure to fixed assets is characterised as a balance-sheet movement rather than revenue expenditure where no debit is made to the Profit and Loss Account and no deduction is claimed in computing income. A reduction in an asset account cannot support an addition merely from a numerical difference; taxability requires examination of corresponding ledger entries and a demonstrated charging or deeming basis, taxable benefit, remission, or inadmissible expenditure. The notes state that the Revenue's additions were deleted on these grounds.
Balance-sheet reclassifications arising from capitalisation of project expenditure and reversal of duplicate entries do not, by themselves, create taxable income. Transfer of Capital Work-in-Progress or pre-operative expenditure to fixed assets is characterised as a balance-sheet movement rather than revenue expenditure where no debit is made to the Profit and Loss Account and no deduction is claimed in computing income. A reduction in an asset account cannot support an addition merely from a numerical difference; taxability requires examination of corresponding ledger entries and a demonstrated charging or deeming basis, taxable benefit, remission, or inadmissible expenditure. The notes state that the Revenue's additions were deleted on these grounds.
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