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...
Addition u/s. 56(2)(viib) - transaction of sale of agricultural land - consideration as per the stamp value - The Tribunal admitted additional evidence provided by the appellant, consisting of certificates from Municipal Authorities and Gram Panchayat, supporting the agricultural nature of the land. After considering the evidence and legal arguments, the Tribunal concluded that the land in question did not qualify as a capital asset u/s 2(14). Since the agricultural land was not categorized as a capital asset, the provisions of section 56(2)(viib) were deemed inapplicable. Consequently, the addition made by the AO under section 56(2)(viib) was deleted.
Addition u/s. 56(2)(viib) - transaction of sale of agricultural land - consideration as per the stamp value - The Tribunal admitted additional evidence provided by the appellant, consisting of certificates from Municipal Authorities and Gram Panchayat, supporting the agricultural nature of the land. After considering the evidence and legal arguments, the Tribunal concluded that the land in question did not qualify as a capital asset u/s 2(14). Since the agricultural land was not categorized as a capital asset, the provisions of section 56(2)(viib) were deemed inapplicable. Consequently, the addition made by the AO under section 56(2)(viib) was deleted.
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