Tax deduction compliance and payee income recognition govern consultancy disallowance, while no exempt income prevents related expenditure disallowanc...
Derivative abetment liability fails when correctly declared imported components establish no underlying improper importation by the principal importer...
Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return filing...
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Grant of approval u/s. 80G(5) - denial of approval as application was not filed within six months from the date of grant of provisional approval - The Tribunal observed that the Act does not empower it to condone delays in such matters, unlike provisions for other sections. Citing legal precedents, it affirmed that without explicit statutory authority, delay condonation is not permissible. Consequently, the denial of approval u/s. 80G(5) by the ld. CIT, Exemption was upheld.
Grant of approval u/s. 80G(5) - denial of approval as application was not filed within six months from the date of grant of provisional approval - The Tribunal observed that the Act does not empower it to condone delays in such matters, unlike provisions for other sections. Citing legal precedents, it affirmed that without explicit statutory authority, delay condonation is not permissible. Consequently, the denial of approval u/s. 80G(5) by the ld. CIT, Exemption was upheld.
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