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...
The ITAT Delhi considered the issue of adjusting seized fixed deposits with advance tax liability. The assessee requested adjustment on 11.04.2012, before filing a belated return on 26.03.2013. The tribunal held that the request was towards self-assessment tax, irrespective of the filing date. Lower authorities overlooked this. The seized deposits were later adjusted against regular tax arrears. The tribunal directed the AO to adjust the deposits towards self-assessment tax from 11.04.2012, recalculating interest u/s 234B. Adjustments made towards regular tax should be reversed.
The ITAT Delhi considered the issue of adjusting seized fixed deposits with advance tax liability. The assessee requested adjustment on 11.04.2012, before filing a belated return on 26.03.2013. The tribunal held that the request was towards self-assessment tax, irrespective of the filing date. Lower authorities overlooked this. The seized deposits were later adjusted against regular tax arrears. The tribunal directed the AO to adjust the deposits towards self-assessment tax from 11.04.2012, recalculating interest u/s 234B. Adjustments made towards regular tax should be reversed.
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