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 Chennai ruled on LTCG deduction u/s 54, stating that investment in more than one property is not allowed. Assessee invested in two distinct properties in spouse's name, disallowing deduction. Further investment claimed for LTCG was disallowed as AO did not consider additional payment for property improvement. Assessee provided evidence of payment to builder, but AO did not have these documents. The case is remanded to AO to allow assessee to substantiate the claim. The appeal is partly allowed for statistical purposes.
The ITAT Chennai ruled on LTCG deduction u/s 54, stating that investment in more than one property is not allowed. Assessee invested in two distinct properties in spouse's name, disallowing deduction. Further investment claimed for LTCG was disallowed as AO did not consider additional payment for property improvement. Assessee provided evidence of payment to builder, but AO did not have these documents. The case is remanded to AO to allow assessee to substantiate the claim. The appeal is partly allowed for statistical purposes.
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