Specified regulatory authority income receives conditional tax exemption, subject to non-commercial activity, unchanged income character, and return f...
Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return-filing...
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...
ITAT upheld the deletion of the addition relating to a notional foreign-exchange loss on restatement of liabilities and assets, finding the assessee had pleaded and reconciled contract liabilities and applied AS-11 such that the alleged loss was revenue in nature and properly accrued; the CIT(A)'s deletion was affirmed. ITAT also affirmed deletion of the disallowance for interest on a residential property, accepting its inclusion in the relevant block of assets. The Tribunal partly sustained the Revenue on directors' foreign-travel expenses, imposing an additional disallowance of Rs.2,00,000 above the disallowed Rs.51,20,000. The section 14A read with Rule 8D addition was deleted for want of AO's satisfaction and proof of nexus.
ITAT upheld the deletion of the addition relating to a notional foreign-exchange loss on restatement of liabilities and assets, finding the assessee had pleaded and reconciled contract liabilities and applied AS-11 such that the alleged loss was revenue in nature and properly accrued; the CIT(A)'s deletion was affirmed. ITAT also affirmed deletion of the disallowance for interest on a residential property, accepting its inclusion in the relevant block of assets. The Tribunal partly sustained the Revenue on directors' foreign-travel expenses, imposing an additional disallowance of Rs.2,00,000 above the disallowed Rs.51,20,000. The section 14A read with Rule 8D addition was deleted for want of AO's satisfaction and proof of nexus.
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