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 AT affirms that alleged collusion between bank officials and the directors of the company is not foreclosed and must be adjudicated by the Special Judge, PMLA, in the trial court. The AT holds that where two statutes conflict, the later enactment prevails absent a saving clause. The liquidator of the company is granted leave to move the Special Judge, PMLA, under section 8(7) of the PMLA for permission to auction the specified property to satisfy the consortium of banks and other creditors; the liquidator must undertake to deposit any surplus realisation in an FDR with the Respondent and the Special Judge will adjudicate its disposal after conclusion of the PMLA trial. Appeal dismissed.
The AT affirms that alleged collusion between bank officials and the directors of the company is not foreclosed and must be adjudicated by the Special Judge, PMLA, in the trial court. The AT holds that where two statutes conflict, the later enactment prevails absent a saving clause. The liquidator of the company is granted leave to move the Special Judge, PMLA, under section 8(7) of the PMLA for permission to auction the specified property to satisfy the consortium of banks and other creditors; the liquidator must undertake to deposit any surplus realisation in an FDR with the Respondent and the Special Judge will adjudicate its disposal after conclusion of the PMLA trial. Appeal dismissed.
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