Embezzlement losses in charitable institutions remain allowable when misappropriation is established, irrecoverable, and not a specified-person benefi...
National long-distance undertaking status supports deduction where separately licensed infrastructure, resources, revenue, and expenditure establish c...
Agency reimbursement income follows contractual deposit-liability computation, while pending deposit collections do not constitute deemed-dividend loa...
Membership-consent thresholds for oppression petitions are satisfied by unchallenged voter-list consents, while unsupported forgery claims require pro...
Tax payable is material to prosecution for failure to furnish a return under Section 276CC because the statutory exception depends on the assessee's tax liability. Where no assessment or other tax determination exists, the complaint does not allege tax payable, and a refund claim remains unaddressed, prosecution is misconceived. Wilful failure is also essential: the statutory presumption of culpable mental state may be rebutted through evidence showing no intent to evade tax. Evidence that property was jointly acquired, loan-financed, and that sale consideration was received by the spouse rebutted wilfulness. The convictions and sentences were set aside, and the assessee was acquitted.
Tax payable is material to prosecution for failure to furnish a return under Section 276CC because the statutory exception depends on the assessee's tax liability. Where no assessment or other tax determination exists, the complaint does not allege tax payable, and a refund claim remains unaddressed, prosecution is misconceived. Wilful failure is also essential: the statutory presumption of culpable mental state may be rebutted through evidence showing no intent to evade tax. Evidence that property was jointly acquired, loan-financed, and that sale consideration was received by the spouse rebutted wilfulness. The convictions and sentences were set aside, and the assessee was acquitted.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4888 
