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 7 admission requires established financial debt and default, not precise interest quantification, while post-suspension defaults remain action...
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Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 (SVLDRS) - refusal to issue the Discharge Certificate - The Scheme being a piece of reformative legislation, ‘redemption fine’ that is a penalty in rem must clearly be shown to have been excluded from the meaning of the word ‘penalty’ used in section 129 of the Scheme, before it may be inferred that a Discharge Certificate may be issued only upon payment of the ‘redemption fine’/penalty in rem. In absence of any provision to exclude ‘redemption fine’/ penalty in rem from the benefits of the Discharge Certificate contained in section 129 of the Scheme, no such inference may be drawn, against the plain language and intent of the Scheme. In absence of any express exclusion created by the Scheme, ‘redemption fine’ would always remain a ‘penalty’ covered under the meaning of that word used in section 129 (1) (a) read with section 121 (u) of the Scheme. - HC
Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 (SVLDRS) - refusal to issue the Discharge Certificate - The Scheme being a piece of reformative legislation, ‘redemption fine’ that is a penalty in rem must clearly be shown to have been excluded from the meaning of the word ‘penalty’ used in section 129 of the Scheme, before it may be inferred that a Discharge Certificate may be issued only upon payment of the ‘redemption fine’/penalty in rem. In absence of any provision to exclude ‘redemption fine’/ penalty in rem from the benefits of the Discharge Certificate contained in section 129 of the Scheme, no such inference may be drawn, against the plain language and intent of the Scheme. In absence of any express exclusion created by the Scheme, ‘redemption fine’ would always remain a ‘penalty’ covered under the meaning of that word used in section 129 (1) (a) read with section 121 (u) of the Scheme. - HC
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