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...
Pure reimbursement without income element escapes tax withholding, while delayed withholding and unsupported provisions face deferred or renewed scrut...
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Competent sanction under section 151 is a substantive jurisdictional safeguard for reassessment. TOLA extended the authority under section 151(i) only until 30 June 2021; for notices issued in July 2022, approval from the higher authority under section 151(ii) was required. Approval by the Principal Commissioner was neither substantial compliance nor curable under section 292B, so the reassessment and consequential addition were annulled. Penalty for failure to obtain a tax audit requires proof of business activity and legally relevant turnover exceeding the prescribed threshold. Purchases, delivery-based sales and unproved derivative transactions could not establish turnover; consistent investment treatment and capital-gains disclosure also demonstrated reasonable cause. The audit penalty was deleted.
Competent sanction under section 151 is a substantive jurisdictional safeguard for reassessment. TOLA extended the authority under section 151(i) only until 30 June 2021; for notices issued in July 2022, approval from the higher authority under section 151(ii) was required. Approval by the Principal Commissioner was neither substantial compliance nor curable under section 292B, so the reassessment and consequential addition were annulled. Penalty for failure to obtain a tax audit requires proof of business activity and legally relevant turnover exceeding the prescribed threshold. Purchases, delivery-based sales and unproved derivative transactions could not establish turnover; consistent investment treatment and capital-gains disclosure also demonstrated reasonable cause. The audit penalty was deleted.
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