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...
Expenditure relating to a discontinued business remained allowable where the assessee had separately disclosed the operation, revenue, expenses and loss in audited financial statements and notes to accounts, and the Assessing Officer had found no item to be unvouched, unsupported or not for business purposes. The Tribunal held that such loss could not be curtailed on a proportionate basis merely because the common expenses were not submitted to the slump sale valuer. The valuation report was relevant only for capital gains computation and did not govern deductibility under section 37(1). The Revenue's challenge failed and the deletion of the disallowance was upheld.
Expenditure relating to a discontinued business remained allowable where the assessee had separately disclosed the operation, revenue, expenses and loss in audited financial statements and notes to accounts, and the Assessing Officer had found no item to be unvouched, unsupported or not for business purposes. The Tribunal held that such loss could not be curtailed on a proportionate basis merely because the common expenses were not submitted to the slump sale valuer. The valuation report was relevant only for capital gains computation and did not govern deductibility under section 37(1). The Revenue's challenge failed and the deletion of the disallowance was upheld.
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