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...
Offshore unit in Dubai treated as proprietary concern, profits taxable in assessee's hands. AO's addition disallowed based on ITAT's consistent rulings favoring assessee. Excess depreciation on furniture and fittings disallowed by AO, CIT(A) directed deletion following ITAT's earlier decisions favoring assessee. Depreciation on goodwill generated on amalgamation disallowed by AO, CIT(A) upheld without examining assessee's contentions. Assessee relied on Urmin Marketing case, where ITAT allowed depreciation on goodwill arising from amalgamation, as provisions cited by AO apply to transferred assets, not goodwill generated. ITAT allowed assessee's claim for depreciation on goodwill, following Supreme Court's Smifs Securities ruling, as goodwill was acquired under amalgamation scheme approved by High Court after tax department's no-objection.
Offshore unit in Dubai treated as proprietary concern, profits taxable in assessee's hands. AO's addition disallowed based on ITAT's consistent rulings favoring assessee. Excess depreciation on furniture and fittings disallowed by AO, CIT(A) directed deletion following ITAT's earlier decisions favoring assessee. Depreciation on goodwill generated on amalgamation disallowed by AO, CIT(A) upheld without examining assessee's contentions. Assessee relied on Urmin Marketing case, where ITAT allowed depreciation on goodwill arising from amalgamation, as provisions cited by AO apply to transferred assets, not goodwill generated. ITAT allowed assessee's claim for depreciation on goodwill, following Supreme Court's Smifs Securities ruling, as goodwill was acquired under amalgamation scheme approved by High Court after tax department's no-objection.
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