Belated Form 10B filing during Covid-19 cannot defeat charitable exemption where genuine hardship warrants condonation and substantial justice prevail...
Limitation for consequential assessments runs from prescribed authority receipt, while verified purchases cannot be disallowed merely for unanswered s...
Higher depreciation for qualifying commercial vehicles, exempt-income disallowance, research deduction verification, and club-expense treatment clarif...
Rejection of books of account and profit estimation in a redevelopment project is unjustified where the purported comparable operates at a materially different scale and lacks redevelopment-specific costs. Alleged sales below ready-reckoner value require examination against values prevailing on booking dates, not incomplete data. Cash receipts disclosed under the Income Declaration Scheme may be credited where the disclosure relates to parking-slot sales in the sole redevelopment project. Pending approvals and the occupation certificate support revenue recognition under the project-completion method. An addition based solely on a survey statement cannot be sustained without corroborative evidence.
Rejection of books of account and profit estimation in a redevelopment project is unjustified where the purported comparable operates at a materially different scale and lacks redevelopment-specific costs. Alleged sales below ready-reckoner value require examination against values prevailing on booking dates, not incomplete data. Cash receipts disclosed under the Income Declaration Scheme may be credited where the disclosure relates to parking-slot sales in the sole redevelopment project. Pending approvals and the occupation certificate support revenue recognition under the project-completion method. An addition based solely on a survey statement cannot be sustained without corroborative evidence.
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