Input tax credit conditions remain constitutionally valid, with eligible recipient claims considered under GST circulars and retrospective filing dead...
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...
Penalty u/s 271D - Sale of property in cash - meaning of the term “specified sum” - The ITAT examined the definition of "specified sum" under Explanation (iv) to Section 269SS, which pertains to any sum of money receivable, whether as advance or otherwise, in relation to the transfer of an immovable property. It relied on a previous decision by the Co-ordinate Bench of the Tribunal, which held that the provision applies only to advance payments and not to transactions where the final payment is made at the time of registration before the sub-registrar. - The Tribunal noted that the cash received by the assessee was not treated as an advance but as the final payment during the registration of the sale deed. Therefore, it concluded that there was no violation of Section 269SS in the given facts and circumstances.
Penalty u/s 271D - Sale of property in cash - meaning of the term “specified sum” - The ITAT examined the definition of "specified sum" under Explanation (iv) to Section 269SS, which pertains to any sum of money receivable, whether as advance or otherwise, in relation to the transfer of an immovable property. It relied on a previous decision by the Co-ordinate Bench of the Tribunal, which held that the provision applies only to advance payments and not to transactions where the final payment is made at the time of registration before the sub-registrar. - The Tribunal noted that the cash received by the assessee was not treated as an advance but as the final payment during the registration of the sale deed. Therefore, it concluded that there was no violation of Section 269SS in the given facts and circumstances.
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