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...
Penalty u/s 271(1)(c) was imposed for denying deduction u/s 80DD for a disabled person with over 80% disability. The assessee, a retired individual, had submitted required medical documents but the deduction was denied. The ITAT held that merely making an incorrect claim which is not substantiated does not attract penalty u/s 271(1)(c), relying on the Supreme Court's decision in Reliance Petro-products Private Limited. The assessee had earned interest income but brought it to tax during assessment proceedings. Considering the facts, circumstances, and assessee's explanation, the ITAT set aside the penalty order u/s 271(1)(c) and allowed the appeal, holding that the lower authorities erroneously treated the penalty as automatic without considering Section 273.
Penalty u/s 271(1)(c) was imposed for denying deduction u/s 80DD for a disabled person with over 80% disability. The assessee, a retired individual, had submitted required medical documents but the deduction was denied. The ITAT held that merely making an incorrect claim which is not substantiated does not attract penalty u/s 271(1)(c), relying on the Supreme Court's decision in Reliance Petro-products Private Limited. The assessee had earned interest income but brought it to tax during assessment proceedings. Considering the facts, circumstances, and assessee's explanation, the ITAT set aside the penalty order u/s 271(1)(c) and allowed the appeal, holding that the lower authorities erroneously treated the penalty as automatic without considering Section 273.
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