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 held that a scrutiny notice under section 143(2) was invalid because it was not issued in the CBDT-prescribed format, and quashed the assessment as void ab initio. On merits, it held that capital gains on two Mumbai offices were not taxable in the later year because the assessee had already sold the property, handed over possession and received consideration earlier. It allowed cost of improvement for land at Visakhapatnam and accepted the indexed cost and improvement claim for Jagi Road land, holding that old audited book entries and a valuer's report could not be rejected without reasons. It also deleted taxation of rent again in the year of receipt under the mercantile system and allowed club-related business expenditure on commercial expediency.
ITAT held that a scrutiny notice under section 143(2) was invalid because it was not issued in the CBDT-prescribed format, and quashed the assessment as void ab initio. On merits, it held that capital gains on two Mumbai offices were not taxable in the later year because the assessee had already sold the property, handed over possession and received consideration earlier. It allowed cost of improvement for land at Visakhapatnam and accepted the indexed cost and improvement claim for Jagi Road land, holding that old audited book entries and a valuer's report could not be rejected without reasons. It also deleted taxation of rent again in the year of receipt under the mercantile system and allowed club-related business expenditure on commercial expediency.
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