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 Ahmedabad considered rectification u/s 154 for correct assessment year of DDT. Revenue argued DDT pertained to A.Y. 2014-15, but Section 115-O(3) mandates DDT payment when dividend is declared. DDT must be accounted for in the year it was paid. Assessee rectified Form 3CD for A.Y. 2014-15 and 2015-16 to correct DDT accounting error. CIT(A) rejected revised form, stating it should have been filed before end of relevant assessment year. However, as dividend declaration and DDT payment occurred in A.Y. 2015-16, DDT should be accounted for in A.Y. 2015-16. Assessee's appeal allowed.
The ITAT Ahmedabad considered rectification u/s 154 for correct assessment year of DDT. Revenue argued DDT pertained to A.Y. 2014-15, but Section 115-O(3) mandates DDT payment when dividend is declared. DDT must be accounted for in the year it was paid. Assessee rectified Form 3CD for A.Y. 2014-15 and 2015-16 to correct DDT accounting error. CIT(A) rejected revised form, stating it should have been filed before end of relevant assessment year. However, as dividend declaration and DDT payment occurred in A.Y. 2015-16, DDT should be accounted for in A.Y. 2015-16. Assessee's appeal allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4792
Join Channel
TaxTMI 
