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...
Public benefit requirement defeats charitable registration where residents' association services are reciprocal, member-only facilities governed by mu...
Exempt-income expenditure disallowance is confined to investments that actually generated exempt income, while supported business expenses remain dedu...
Nature on sale - Slump Sale - capital gain u/s 50B - Transfer of asset or not? - Section 50B of the Act provides a mechanism for assessment of capital gain on ‘transfer’ of an ‘undertaking’ in a ‘slump sale’. Admittedly, immovable assets of the assessee’s business were not transferred. Therefore, it does not satisfy the essential conditions under Section 2(42C) of the Act. - HC
Nature on sale - Slump Sale - capital gain u/s 50B - Transfer of asset or not? - Section 50B of the Act provides a mechanism for assessment of capital gain on ‘transfer’ of an ‘undertaking’ in a ‘slump sale’. Admittedly, immovable assets of the assessee’s business were not transferred. Therefore, it does not satisfy the essential conditions under Section 2(42C) of the Act. - HC
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