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...
Assessee exercised option u/s 115BAA to compute tax liability at lower rate. CPC accepted option for AY 2020-21 but for current year, rectified under s.154 without opportunity to assessee and computed tax at normal rate instead of s.115BAA rate. ITAT held rectification order invalid as assessee didn't violate any provision for s.115BAA. Grounds 1-4 allowed. On TDS issue, ITAT upheld CIT(A)/NFAC order restoring matter to AO for verification, dismissing assessee's ground.
Assessee exercised option u/s 115BAA to compute tax liability at lower rate. CPC accepted option for AY 2020-21 but for current year, rectified under s.154 without opportunity to assessee and computed tax at normal rate instead of s.115BAA rate. ITAT held rectification order invalid as assessee didn't violate any provision for s.115BAA. Grounds 1-4 allowed. On TDS issue, ITAT upheld CIT(A)/NFAC order restoring matter to AO for verification, dismissing assessee's ground.
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