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...
Unexplained bank credits require credit-wise verification; a difference between aggregate bank deposits and GST-reported turnover does not, by itself, establish unexplained money. The taxpayer must establish the nature and source of credits, while the assessment must examine sales receipts, inter-bank transfers, contra entries, redeposits, expenses and disclosed business results. Business-profit estimation must rely on the nature of trade, prior or later results, comparable cases or other relevant material rather than an arbitrary rate. Consequential penalty requires reconsideration after fresh quantum assessment. A Form 26AS entry showing tax collection on a motor vehicle transaction requires verification of whether the transaction was a purchase or sale before taxing any short-term capital gain.
Unexplained bank credits require credit-wise verification; a difference between aggregate bank deposits and GST-reported turnover does not, by itself, establish unexplained money. The taxpayer must establish the nature and source of credits, while the assessment must examine sales receipts, inter-bank transfers, contra entries, redeposits, expenses and disclosed business results. Business-profit estimation must rely on the nature of trade, prior or later results, comparable cases or other relevant material rather than an arbitrary rate. Consequential penalty requires reconsideration after fresh quantum assessment. A Form 26AS entry showing tax collection on a motor vehicle transaction requires verification of whether the transaction was a purchase or sale before taxing any short-term capital gain.
Note: It is a system-generated summary and is for quick reference only.
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