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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Characterization of receipt - amount received by the appellant upon retirement from the partnership - taxability as capital gains under the Income Tax or not? - The High Court agrees with the appellant's argument that the amount received by her upon retirement, being the balance of her capital account in the firm, does not qualify as a transfer for the purpose of capital gains taxation. It concurs with the principle that the adjustment of rights of partners in a dissolved firm, through the distribution of assets, does not amount to a transfer. - Regarding the receipt of the share value of goodwill, the High Court holds that in the absence of a clear transfer of goodwill to the firm by the appellant, such receipt cannot be taxed as capital gains.
Characterization of receipt - amount received by the appellant upon retirement from the partnership - taxability as capital gains under the Income Tax or not? - The High Court agrees with the appellant's argument that the amount received by her upon retirement, being the balance of her capital account in the firm, does not qualify as a transfer for the purpose of capital gains taxation. It concurs with the principle that the adjustment of rights of partners in a dissolved firm, through the distribution of assets, does not amount to a transfer. - Regarding the receipt of the share value of goodwill, the High Court holds that in the absence of a clear transfer of goodwill to the firm by the appellant, such receipt cannot be taxed as capital gains.
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