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...
The High Court held that once an appeal by the Revenue is included in the application for settlement under the Direct Tax Vivad Se Vishwas Act, 2020 (VSV Act), all disputes forming the subject matter of that appeal and the potential outcome become subject to closure and discontinuance. The tax liability arising from such appeal sets is governed exclusively by the VSV Act. The issuance of the certificate u/s 5 of the VSV Act renders both appeals closed and all aspects of disputation rendered quietus. The Court rejected the claim for statutory interest u/s 244A of the Income Tax Act. However, it directed the respondents to pay interest at 5% per annum on account of the delay in releasing the amount determined under the VSV Act, for the period between February/November 2021 to February 2023.
The High Court held that once an appeal by the Revenue is included in the application for settlement under the Direct Tax Vivad Se Vishwas Act, 2020 (VSV Act), all disputes forming the subject matter of that appeal and the potential outcome become subject to closure and discontinuance. The tax liability arising from such appeal sets is governed exclusively by the VSV Act. The issuance of the certificate u/s 5 of the VSV Act renders both appeals closed and all aspects of disputation rendered quietus. The Court rejected the claim for statutory interest u/s 244A of the Income Tax Act. However, it directed the respondents to pay interest at 5% per annum on account of the delay in releasing the amount determined under the VSV Act, for the period between February/November 2021 to February 2023.
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