Donor-directed corpus contributions retain capital character despite exemption claims under section 10(23C)(vi), preventing their treatment as taxable...
Enhanced tax-audit threshold applies where banking records establish compliant non-cash receipts and payments, eliminating penalty exposure for audit ...
Transfer pricing consistency protects identical non-interest-bearing debenture terms from a later notional-interest adjustment without valid statutory...
Rectification of debatable deduction claims cannot reverse scrutiny-approved co-operative society interest income deductions as apparent record errors...
Cash-method accounting bars presumptive interest taxation, while unsupported securities and share-trading additions require reliable material and veri...
Section 148 permits the Government, on the Council's recommendations and subject to conditions and safeguards, to notify classes of registered persons and special procedures for registration, returns, tax payment and administration. Notification No. 22/2024-Central Tax, prescribing a procedure to implement retrospective input tax credit entitlement under Section 16(5), therefore falls within that power. The validity of the stipulated six-month period for rectification, particularly whether it contains adequate safeguards despite no extension mechanism for extraordinary circumstances, remains under consideration. The writ petitions were kept pending on that limited issue.
Section 148 permits the Government, on the Council's recommendations and subject to conditions and safeguards, to notify classes of registered persons and special procedures for registration, returns, tax payment and administration. Notification No. 22/2024-Central Tax, prescribing a procedure to implement retrospective input tax credit entitlement under Section 16(5), therefore falls within that power. The validity of the stipulated six-month period for rectification, particularly whether it contains adequate safeguards despite no extension mechanism for extraordinary circumstances, remains under consideration. The writ petitions were kept pending on that limited issue.
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