Food supplement classification requires common parlance and authoritative tests, preventing treatment as proprietary Ayurvedic medicines without suppo...
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...
Interest on non-performing assets of a co-operative bank is not taxable on notional accrual where recovery is uncertain and RBI prudential norms govern recognition, notwithstanding mercantile accounting. Reversal of a provision for bad and doubtful debts on an asset becoming performing is not deemed business income where it is neither recovery of an allowed bad debt nor remission of a loss, expenditure or trading liability. Provisions for standard assets may qualify for deduction as bad-debt provisions, subject to the statutory ceiling; rural advances must be computed using month-end outstanding balances, and fresh provisions cannot be netted against write-backs. Quantification requires fresh verification. Penalty does not arise merely because a disclosed deduction claim fails for lack of a book provision, absent concealment or inaccurate particulars.
Interest on non-performing assets of a co-operative bank is not taxable on notional accrual where recovery is uncertain and RBI prudential norms govern recognition, notwithstanding mercantile accounting. Reversal of a provision for bad and doubtful debts on an asset becoming performing is not deemed business income where it is neither recovery of an allowed bad debt nor remission of a loss, expenditure or trading liability. Provisions for standard assets may qualify for deduction as bad-debt provisions, subject to the statutory ceiling; rural advances must be computed using month-end outstanding balances, and fresh provisions cannot be netted against write-backs. Quantification requires fresh verification. Penalty does not arise merely because a disclosed deduction claim fails for lack of a book provision, absent concealment or inaccurate particulars.
Note: It is a system-generated summary and is for quick reference only.
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