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 allowed the appeal of Assessee A, holding that the adjustment u/s 143(1)(a) on account of alleged mismatch with the tax audit report, relating to gain on actuarial valuation of gratuity liability routed through Other Comprehensive Income, was unsustainable. ITAT observed that actuarial gains/losses recognized under Other Comprehensive Income do not affect taxable income, as they are not routed through the Profit & Loss A/c, and Assessee A follows the payment basis for claiming deduction of gratuity. Consequently, the addition made in intimation u/s 143(1)(a) was directed to be deleted. On the issue of short grant of interest u/s 244A, ITAT directed the AO to recompute interest up to the actual date of refund payment.
ITAT allowed the appeal of Assessee A, holding that the adjustment u/s 143(1)(a) on account of alleged mismatch with the tax audit report, relating to gain on actuarial valuation of gratuity liability routed through Other Comprehensive Income, was unsustainable. ITAT observed that actuarial gains/losses recognized under Other Comprehensive Income do not affect taxable income, as they are not routed through the Profit & Loss A/c, and Assessee A follows the payment basis for claiming deduction of gratuity. Consequently, the addition made in intimation u/s 143(1)(a) was directed to be deleted. On the issue of short grant of interest u/s 244A, ITAT directed the AO to recompute interest up to the actual date of refund payment.
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