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...
Demand of GST - Discrepancy between the GSTR-3B returns and the auto populated GSTR-2A returns - The court observed that the tax demand solely pertained to the disparity between the Input Tax Credit (ITC) claimed in the GSTR-3B return and that reflected in the auto-populated GSTR-2A returns. It noted that the transaction's genuineness was not in question. - Acknowledging the contention regarding non-adherence to applicable circulars, the court deemed it appropriate to provide the petitioner an opportunity to contest the tax demand. - The court quashed the impugned assessment order with the condition that the petitioner remits 10% of the disputed tax demand within two weeks.
Demand of GST - Discrepancy between the GSTR-3B returns and the auto populated GSTR-2A returns - The court observed that the tax demand solely pertained to the disparity between the Input Tax Credit (ITC) claimed in the GSTR-3B return and that reflected in the auto-populated GSTR-2A returns. It noted that the transaction's genuineness was not in question. - Acknowledging the contention regarding non-adherence to applicable circulars, the court deemed it appropriate to provide the petitioner an opportunity to contest the tax demand. - The court quashed the impugned assessment order with the condition that the petitioner remits 10% of the disputed tax demand within two weeks.
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