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...
AAR holds that the applicant is entitled to claim input tax credit on capital goods and related services comprising underground cables, electrical equipment, supervision and installation services procured for transmission of electricity from a distribution utility's power station to the factory premises located outside the factory. The AAR accepted that the applicant satisfied the statutory prerequisites under s.16 (tax invoice, receipt of goods/services, tax paid, return filing) and found no contractual indicia that ownership vested in the distribution utility. The assets were capitalised and treated as enabling capital assets; the applicant undertook to reverse ITC under s.18(6) if ownership transfers. Consequently, ITC claim is allowed.
AAR holds that the applicant is entitled to claim input tax credit on capital goods and related services comprising underground cables, electrical equipment, supervision and installation services procured for transmission of electricity from a distribution utility's power station to the factory premises located outside the factory. The AAR accepted that the applicant satisfied the statutory prerequisites under s.16 (tax invoice, receipt of goods/services, tax paid, return filing) and found no contractual indicia that ownership vested in the distribution utility. The assets were capitalised and treated as enabling capital assets; the applicant undertook to reverse ITC under s.18(6) if ownership transfers. Consequently, ITC claim is allowed.
Note: It is a system-generated summary and is for quick reference only.
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