Food supplement classification requires common parlance and authoritative tests, preventing treatment as proprietary Ayurvedic medicines without suppo...
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...
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On-money receipts from real estate sales were treated as undisclosed turnover, but only the embedded profit component was taxable, not the full receipt. The Tribunal held that profit had to be estimated on a reasonable basis using the project profile, cost structure, seized material and past margins, and fixed a uniform 10% rate on on-money receipts, rejecting both the assessee's lower rate claim and the Revenue's higher estimate. It also held that the estimated profit was taxable in the year the sale deed was executed and title-related risks and rewards passed, not when cash was received, and that ICDS-III was inapplicable to a developer. The assessee's appeals were partly allowed and the Revenue's appeals dismissed.
On-money receipts from real estate sales were treated as undisclosed turnover, but only the embedded profit component was taxable, not the full receipt. The Tribunal held that profit had to be estimated on a reasonable basis using the project profile, cost structure, seized material and past margins, and fixed a uniform 10% rate on on-money receipts, rejecting both the assessee's lower rate claim and the Revenue's higher estimate. It also held that the estimated profit was taxable in the year the sale deed was executed and title-related risks and rewards passed, not when cash was received, and that ICDS-III was inapplicable to a developer. The assessee's appeals were partly allowed and the Revenue's appeals dismissed.
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