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...
Rejection of books of accounts u/s 145 - Addition u/ss 68/69A with 115BBE - cash deposited during demonetization as unexplained credit. The Assessing Officer did not reject the books or pass an order u/s 144. The CIT(A) rejected the books based on mere surmise and conjecture, without satisfying the conditions u/s 145(3) or pointing out defects. The assessee produced all required details, and the authorities did not find the records defective. Mere suspicion on sales of excavated stone, with part amount considered explained and part unexplained for the same records, is not a valid reason to invoke Section 145(3). Section 145(3) can only be invoked when accounts are incorrect/incomplete, accounting methods u/s 145(1) are not followed, or accounting standards u/s 145(2) are not followed. None of these conditions were satisfied, and the assessment was completed u/s 143(3) instead of Section 144, which is incorrect. Treating part of cash sales as unexplained money u/s 69A or unexplained cash credits u/s 68 is also incorrect when the sales transactions are already recorded in books and reflected in the profit and loss account. Cash deposited from sales proceeds cannot be considered u/ss 68 or 69A.
Rejection of books of accounts u/s 145 - Addition u/ss 68/69A with 115BBE - cash deposited during demonetization as unexplained credit. The Assessing Officer did not reject the books or pass an order u/s 144. The CIT(A) rejected the books based on mere surmise and conjecture, without satisfying the conditions u/s 145(3) or pointing out defects. The assessee produced all required details, and the authorities did not find the records defective. Mere suspicion on sales of excavated stone, with part amount considered explained and part unexplained for the same records, is not a valid reason to invoke Section 145(3). Section 145(3) can only be invoked when accounts are incorrect/incomplete, accounting methods u/s 145(1) are not followed, or accounting standards u/s 145(2) are not followed. None of these conditions were satisfied, and the assessment was completed u/s 143(3) instead of Section 144, which is incorrect. Treating part of cash sales as unexplained money u/s 69A or unexplained cash credits u/s 68 is also incorrect when the sales transactions are already recorded in books and reflected in the profit and loss account. Cash deposited from sales proceeds cannot be considered u/ss 68 or 69A.
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