Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
Subscriptions from members form corpus or common fund and, under the principle of mutuality, are not taxable; interest earned on bank deposits is prima facie taxable but may be appropriated to meet bona fide payments to members. The document recognises a right of appropriation whereby the society may first apply taxable interest receipts to discharge death claims, pensions, voluntary retirement and retirement benefits for members, and only thereafter draw on subscriptions if required. The operative effect directs reassessment to allow set off of such member payments against taxable receipts when determining tax liability.
Subscriptions from members form corpus or common fund and, under the principle of mutuality, are not taxable; interest earned on bank deposits is prima facie taxable but may be appropriated to meet bona fide payments to members. The document recognises a right of appropriation whereby the society may first apply taxable interest receipts to discharge death claims, pensions, voluntary retirement and retirement benefits for members, and only thereafter draw on subscriptions if required. The operative effect directs reassessment to allow set off of such member payments against taxable receipts when determining tax liability.
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TaxTMI 
TaxTMI 
