Input tax credit conditions remain constitutionally valid, with eligible recipient claims considered under GST circulars and retrospective filing dead...
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 addressed the issue of accrual of income and chargeability of income-tax on surcharge income offered by the assessee on a receipt basis. The assessee argued for taxation upon actual receipt of the surcharge, while the AO rejected this method. The tribunal held that the surcharge, being disputable and not mandatorily payable at the time of bill payment, was not an accrued receipt and thus not taxable as real income. The AO was directed to verify when the surcharge income was realized and offered for tax. Additionally, regarding u/s 14A r.w.r. 8D, the tribunal admitted additional evidence provided by the assessee and remanded the issue to the AO for re-examination. In a separate matter for Assessment Year 2014-15, it was held that investments were made from own funds, not borrowed funds, thus disallowance u/s 14A was not permissible. Appeals were allowed for statistical purposes.
The ITAT Delhi addressed the issue of accrual of income and chargeability of income-tax on surcharge income offered by the assessee on a receipt basis. The assessee argued for taxation upon actual receipt of the surcharge, while the AO rejected this method. The tribunal held that the surcharge, being disputable and not mandatorily payable at the time of bill payment, was not an accrued receipt and thus not taxable as real income. The AO was directed to verify when the surcharge income was realized and offered for tax. Additionally, regarding u/s 14A r.w.r. 8D, the tribunal admitted additional evidence provided by the assessee and remanded the issue to the AO for re-examination. In a separate matter for Assessment Year 2014-15, it was held that investments were made from own funds, not borrowed funds, thus disallowance u/s 14A was not permissible. Appeals were allowed for statistical purposes.
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