Specified regulatory authority income receives conditional tax exemption, subject to non-commercial activity, unchanged income character, and return f...
Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return-filing...
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...
Deduction for premium paid on redemption of optionally convertible debentures (OCDs) u/s 37 was disallowed. The Tribunal found no obligation existed for the assessee to redeem the OCDs during the relevant previous year, at the time of finalizing accounts, or even when filing the return. No payment towards redemption or premium was made during that year. Therefore, the assessee could not claim deduction either on accrual or paid basis for that year. Since the OCDs were not in existence during the relevant year, allowing deduction for proportionate redemption premium as interest did not arise. The decision went against the assessee.
Deduction for premium paid on redemption of optionally convertible debentures (OCDs) u/s 37 was disallowed. The Tribunal found no obligation existed for the assessee to redeem the OCDs during the relevant previous year, at the time of finalizing accounts, or even when filing the return. No payment towards redemption or premium was made during that year. Therefore, the assessee could not claim deduction either on accrual or paid basis for that year. Since the OCDs were not in existence during the relevant year, allowing deduction for proportionate redemption premium as interest did not arise. The decision went against the assessee.
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