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...
Objective characteristics and principal use govern mining-tyre classification, while fresh advance ruling applications may rely on additional technica...
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The SC dismissed a Special Leave Petition challenging a Gujarat HC ruling due to an unexplained 292-day delay in filing. The underlying case concerned the Revenue's treatment of proceeds from shares of Sunrise Asian Ltd as unexplained income under s.68 rather than LTCG exempt under s.10(38). The HC had ruled in the assessee's favor, finding that exemption claims cannot be deemed bogus based on mere presumption when: (1) no evidence contradicted the assessee's position, (2) SEBI had not found the shares to be rigged, and (3) the assessee had held the shares for approximately two and a half years before selling them.
The SC dismissed a Special Leave Petition challenging a Gujarat HC ruling due to an unexplained 292-day delay in filing. The underlying case concerned the Revenue's treatment of proceeds from shares of Sunrise Asian Ltd as unexplained income under s.68 rather than LTCG exempt under s.10(38). The HC had ruled in the assessee's favor, finding that exemption claims cannot be deemed bogus based on mere presumption when: (1) no evidence contradicted the assessee's position, (2) SEBI had not found the shares to be rigged, and (3) the assessee had held the shares for approximately two and a half years before selling them.
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