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...
Assessee received cash consideration from sale of property, deposited in bank account and utilized to purchase another property. AO accepted transaction in regular assessment without addition. Assessee contended no violation of Section 269SS as cash received after due registration of property, as per sale agreement and CBDT circulars. ITAT allowed appeal, relying on Dhinagharan case, holding cash payment made at time of registration before sub-registrar does not violate Section 269SS. No penalty leviable u/s 271D.
Assessee received cash consideration from sale of property, deposited in bank account and utilized to purchase another property. AO accepted transaction in regular assessment without addition. Assessee contended no violation of Section 269SS as cash received after due registration of property, as per sale agreement and CBDT circulars. ITAT allowed appeal, relying on Dhinagharan case, holding cash payment made at time of registration before sub-registrar does not violate Section 269SS. No penalty leviable u/s 271D.
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