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...
Objective characteristics and principal use govern mining-tyre classification, while fresh advance ruling applications may rely on additional technica...
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Deduction u/s 80IA(4) on wind mills and solar power plants - Whether each windmill and solar power plant installed by the assessee should be considered as separate undertakings or one undertaking? - The Tribunal, referencing its own previous decisions and the lack of any new material facts or judicial precedents, upheld the Commissioner of Income Tax (Appeals)'s ruling. It was concluded that each windmill and solar power plant must be treated as separate undertakings for the calculation of deductions under section 80IA(4), thereby dismissing the Revenue's appeal on this ground. - Furthermore, on Applicability of Notional Brought Forward Losses and Depreciation, the Tribunal followed the principles laid down by the High Courts, which stated that losses from eligible businesses, once set off against other income, cannot be notionally carried forward to reduce the profits of the eligible business in subsequent years for the purpose of computing deduction under section 80IA.
Deduction u/s 80IA(4) on wind mills and solar power plants - Whether each windmill and solar power plant installed by the assessee should be considered as separate undertakings or one undertaking? - The Tribunal, referencing its own previous decisions and the lack of any new material facts or judicial precedents, upheld the Commissioner of Income Tax (Appeals)'s ruling. It was concluded that each windmill and solar power plant must be treated as separate undertakings for the calculation of deductions under section 80IA(4), thereby dismissing the Revenue's appeal on this ground. - Furthermore, on Applicability of Notional Brought Forward Losses and Depreciation, the Tribunal followed the principles laid down by the High Courts, which stated that losses from eligible businesses, once set off against other income, cannot be notionally carried forward to reduce the profits of the eligible business in subsequent years for the purpose of computing deduction under section 80IA.
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