Concessional corporate tax option under section 115BAA survives procedural documentary lapses when statutory compliance and earlier exercise are estab...
Penny-stock additions require transaction-specific evidence; general investigation material alone cannot establish undisclosed income or accommodation...
Transfer pricing comparability prioritises reliable external CUPs and foreign-currency LIBOR benchmarks for exports, borrowings and delayed receivable...
Section 153C satisfaction and seized electronic records sustained unexplained-investment addition, subject to proportionate ownership-share verificati...
Approval granted u/s 10(23C)(iv) revoked - charitable activity u/s 2(15) questioned - The Revenue alleges that the assessee is promoting its own products under the guise of charitable activities. However, the assessee argues that its activities are genuine charitable endeavors aimed at benefiting the target population. - The ITAT held that, the activities of the assessee are in the category of medical relief to the poor. Thus, if we interpret the provisions of section 2(15) of the Act strictly, the proviso would not apply. - The impugned order passed by learned CIT (Exemption) withdrawing the approval granted under section 10(23C)(iv) of the Act is unsustainable.
Approval granted u/s 10(23C)(iv) revoked - charitable activity u/s 2(15) questioned - The Revenue alleges that the assessee is promoting its own products under the guise of charitable activities. However, the assessee argues that its activities are genuine charitable endeavors aimed at benefiting the target population. - The ITAT held that, the activities of the assessee are in the category of medical relief to the poor. Thus, if we interpret the provisions of section 2(15) of the Act strictly, the proviso would not apply. - The impugned order passed by learned CIT (Exemption) withdrawing the approval granted under section 10(23C)(iv) of the Act is unsustainable.
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