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...
Subletting charges paid to MIDC as a mandatory condition for subletting leasehold property are treated as an integral cost of earning rental income. Taxable income from house property is therefore computed on net rental income after reducing those charges. The standard deduction available for house property income under section 24(a) does not prevent deduction of such pre-receipt expenditure, because the charges are necessary to commercially exploit the leasehold property through subletting. The disallowance of the charges was deleted and the deduction was allowed.
Subletting charges paid to MIDC as a mandatory condition for subletting leasehold property are treated as an integral cost of earning rental income. Taxable income from house property is therefore computed on net rental income after reducing those charges. The standard deduction available for house property income under section 24(a) does not prevent deduction of such pre-receipt expenditure, because the charges are necessary to commercially exploit the leasehold property through subletting. The disallowance of the charges was deleted and the deduction was allowed.
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