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...
Objective characteristics and principal use govern mining-tyre classification, while fresh advance ruling applications may rely on additional technica...
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The HC held that no unexplained money under s.69A arose in respect of the cash-in-hand carried from FY 2015-16 to FY 2016-17 and deposited during demonetisation. The court found an inextricable nexus between disclosed bank withdrawals, advances to third parties, interest receipts and subsequent return of funds evidenced in the assessee's balance sheet and the return of income filed and processed under s.143(1). Absence of a mandatory s.143(2) scrutiny notice rendered the return final for that assessment year, and the AO failed to demonstrate that the cash constituted unexplained income warranting invocation of s.69A. Decision: in favour of the assessee.
The HC held that no unexplained money under s.69A arose in respect of the cash-in-hand carried from FY 2015-16 to FY 2016-17 and deposited during demonetisation. The court found an inextricable nexus between disclosed bank withdrawals, advances to third parties, interest receipts and subsequent return of funds evidenced in the assessee's balance sheet and the return of income filed and processed under s.143(1). Absence of a mandatory s.143(2) scrutiny notice rendered the return final for that assessment year, and the AO failed to demonstrate that the cash constituted unexplained income warranting invocation of s.69A. Decision: in favour of the assessee.
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