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 held that initiation of penalty proceedings u/s 271DA for alleged contravention of s.269ST requires the assessing authority's recorded satisfaction to appear in the assessment order itself while analysing transactions, failing which limitation for initiation of penalty arises. The SC precedent was applied to require that even where an assessment is set aside and fresh assessment is framed de novo, the fresh assessment order must record the requisite satisfaction before invoking penalty u/s 271DA. Treating penalties u/s 271D and 271DA as pari materia in furtherance of cashless economy objectives, the Tribunal set aside penalty and decided the matter in favour of the assessee.
ITAT held that initiation of penalty proceedings u/s 271DA for alleged contravention of s.269ST requires the assessing authority's recorded satisfaction to appear in the assessment order itself while analysing transactions, failing which limitation for initiation of penalty arises. The SC precedent was applied to require that even where an assessment is set aside and fresh assessment is framed de novo, the fresh assessment order must record the requisite satisfaction before invoking penalty u/s 271DA. Treating penalties u/s 271D and 271DA as pari materia in furtherance of cashless economy objectives, the Tribunal set aside penalty and decided the matter in favour of the assessee.
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