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 addressed the denial of tax regime option under section 115BAC. The tribunal held that the assessee's option to pay taxes under the new regime was valid, despite not filing Form No. 10-IE within the prescribed time. The court determined that since the assessee had previously opted for the new regime and filed the form in the preceding year, a fresh form was not required. The tribunal found the CPC's denial of the tax option was not in accordance with law and decided in favor of the assessee. Additionally, the tribunal condoned the 71-day delay in filing the appeal, considering the counsel's preoccupation as a sufficient reason.
The ITAT addressed the denial of tax regime option under section 115BAC. The tribunal held that the assessee's option to pay taxes under the new regime was valid, despite not filing Form No. 10-IE within the prescribed time. The court determined that since the assessee had previously opted for the new regime and filed the form in the preceding year, a fresh form was not required. The tribunal found the CPC's denial of the tax option was not in accordance with law and decided in favor of the assessee. Additionally, the tribunal condoned the 71-day delay in filing the appeal, considering the counsel's preoccupation as a sufficient reason.
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