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...
The ITAT upheld the CIT(A)'s order rejecting the assessee's books of accounts and estimating total income. When books are rejected u/s 145 and income estimated u/s 144, the estimate substitutes business income computed u/ss 30-43D. All deductions u/ss 30-43D are deemed considered in the estimate. The ITAT found no infirmity in rejecting books and estimating income.
The ITAT upheld the CIT(A)'s order rejecting the assessee's books of accounts and estimating total income. When books are rejected u/s 145 and income estimated u/s 144, the estimate substitutes business income computed u/ss 30-43D. All deductions u/ss 30-43D are deemed considered in the estimate. The ITAT found no infirmity in rejecting books and estimating income.
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