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...
Failure to maintain the prescribed Net Owned Fund justified cancellation of an NBFC's registration. A pending amalgamation proposal did not satisfy the requirement because approval, implementation and any resulting capital increase remained contingent. Judicial review was confined to procedural legality, natural justice and jurisdictional error; no defect was identified in the cancellation or appellate process. The amalgamation proposal was rejected and that rejection was not separately challenged. As the company also could not meet the subsisting Net Owned Fund requirement, setting aside cancellation would have been futile. The High Court upheld cancellation and dismissed the writ petition.
Failure to maintain the prescribed Net Owned Fund justified cancellation of an NBFC's registration. A pending amalgamation proposal did not satisfy the requirement because approval, implementation and any resulting capital increase remained contingent. Judicial review was confined to procedural legality, natural justice and jurisdictional error; no defect was identified in the cancellation or appellate process. The amalgamation proposal was rejected and that rejection was not separately challenged. As the company also could not meet the subsisting Net Owned Fund requirement, setting aside cancellation would have been futile. The High Court upheld cancellation and dismissed the writ petition.
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