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...
HC held that the tax authority's reopening of assessment against the mutual fund was invalid. The notice contained discrepancies between alleged fund manipulation and actual transaction details. Relying on precedent in a similar case involving JM Financial, the court found no substantive basis for reassessment. The jurisdictional defect in the reopening process rendered the Section 148A notice and subsequent order unsustainable. Consequently, the impugned notice and order were quashed, effectively allowing the assessee's appeal and nullifying the attempted reassessment.
HC held that the tax authority's reopening of assessment against the mutual fund was invalid. The notice contained discrepancies between alleged fund manipulation and actual transaction details. Relying on precedent in a similar case involving JM Financial, the court found no substantive basis for reassessment. The jurisdictional defect in the reopening process rendered the Section 148A notice and subsequent order unsustainable. Consequently, the impugned notice and order were quashed, effectively allowing the assessee's appeal and nullifying the attempted reassessment.
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