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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ITAT Ahmedabad held that disallowance of interest u/s. 36(1)(iii) was unjustified as the assessee had substantial interest-free funds. Addition u/s. 145A for excise duty on closing stock was deleted based on Supreme Court decisions. Disallowance u/s. 14A r.w.r. 8D for exempt income was upheld as indirect expenses were involved. The disallowance made by the Assessing Officer was approved by the Ld.CIT(A).
ITAT Ahmedabad held that disallowance of interest u/s. 36(1)(iii) was unjustified as the assessee had substantial interest-free funds. Addition u/s. 145A for excise duty on closing stock was deleted based on Supreme Court decisions. Disallowance u/s. 14A r.w.r. 8D for exempt income was upheld as indirect expenses were involved. The disallowance made by the Assessing Officer was approved by the Ld.CIT(A).
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