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...
ITAT ruled that the appellant failed to substantiate the genuineness of purchase transactions involving shell companies. Despite presenting bank statements and tax challans, the tribunal found the documentary evidence insufficient to prove legitimate business transactions. The AO's findings of non-existent suppliers and lack of cross-examination were upheld. Consequently, the tribunal allowed a 12.5% disallowance of unverified purchase amounts, effectively rejecting the appellant's appeal grounds and maintaining the original assessment order's core findings regarding tax evasion through grey market purchases.
ITAT ruled that the appellant failed to substantiate the genuineness of purchase transactions involving shell companies. Despite presenting bank statements and tax challans, the tribunal found the documentary evidence insufficient to prove legitimate business transactions. The AO's findings of non-existent suppliers and lack of cross-examination were upheld. Consequently, the tribunal allowed a 12.5% disallowance of unverified purchase amounts, effectively rejecting the appellant's appeal grounds and maintaining the original assessment order's core findings regarding tax evasion through grey market purchases.
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