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...
Exempt-income expenditure disallowance is confined to investments that actually generated exempt income, while supported business expenses remain dedu...
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The ITAT allowed the appeal of the assessee-trust and deleted the addition treating corpus fund donations as taxable income. It held that, the trust being duly registered u/s 12A, voluntary contributions received with a specific direction to form part of the corpus are exempt u/s 11(1)(d). The Tribunal found the assessee had furnished corroborative documentary evidence, and the Revenue failed to disprove or point out any discrepancy. The AO's adverse inference regarding reduction in corpus fund was held to be factually mistaken. The ITAT also accepted the assessee's claim of depreciation and noted the lease deposit payment as properly accounted, thus fully granting the exemption claimed.
The ITAT allowed the appeal of the assessee-trust and deleted the addition treating corpus fund donations as taxable income. It held that, the trust being duly registered u/s 12A, voluntary contributions received with a specific direction to form part of the corpus are exempt u/s 11(1)(d). The Tribunal found the assessee had furnished corroborative documentary evidence, and the Revenue failed to disprove or point out any discrepancy. The AO's adverse inference regarding reduction in corpus fund was held to be factually mistaken. The ITAT also accepted the assessee's claim of depreciation and noted the lease deposit payment as properly accounted, thus fully granting the exemption claimed.
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