Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return filing...
Having accepted that the expenditure claimed was bogus, the ITAT, for strange and unexplained reasons, applied the GP Ratio which was entirely unwarranted and thus, reduced the tax liability of the assessee drastically. - order of ITAT reversed.
Having accepted that the expenditure claimed was bogus, the ITAT, for strange and unexplained reasons, applied the GP Ratio which was entirely unwarranted and thus, reduced the tax liability of the assessee drastically. - order of ITAT reversed.
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