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...
ITAT held that the revision order u/s 263 was invalid. The AO conducted a comprehensive search assessment u/s 153A, thoroughly examining seized materials and assessee's sworn statements. The tribunal found no procedural error or prejudice to revenue's interests, as the assessee had transparently declared and paid taxes on anonymous and corpus donations. The assessment was based on complete verification of facts, and the AO took a plausible view. The tribunal specifically noted that retrospective application of subsequent judicial precedents was impermissible. Consequently, the ITAT quashed the revision order passed by PCIT and allowed the assessee's appeal, affirming the original search assessment order.
ITAT held that the revision order u/s 263 was invalid. The AO conducted a comprehensive search assessment u/s 153A, thoroughly examining seized materials and assessee's sworn statements. The tribunal found no procedural error or prejudice to revenue's interests, as the assessee had transparently declared and paid taxes on anonymous and corpus donations. The assessment was based on complete verification of facts, and the AO took a plausible view. The tribunal specifically noted that retrospective application of subsequent judicial precedents was impermissible. Consequently, the ITAT quashed the revision order passed by PCIT and allowed the assessee's appeal, affirming the original search assessment order.
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