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...
Section 50C applies only to transfers of capital assets and not to sale of stock-in-trade assessed as business income. Where real estate plots are claimed to form business inventory, the decisive question is whether the assessee was carrying on a real estate business and held the lands as stock-in-trade; the Tribunal remitted that limited factual issue to the Assessing Officer for fresh examination and directed deletion of the addition if the claim is proved. The connected penalty matters under sections 271D and 271(1)(c) were also restored for fresh adjudication because they depended on the remanded quantum issue.
Section 50C applies only to transfers of capital assets and not to sale of stock-in-trade assessed as business income. Where real estate plots are claimed to form business inventory, the decisive question is whether the assessee was carrying on a real estate business and held the lands as stock-in-trade; the Tribunal remitted that limited factual issue to the Assessing Officer for fresh examination and directed deletion of the addition if the claim is proved. The connected penalty matters under sections 271D and 271(1)(c) were also restored for fresh adjudication because they depended on the remanded quantum issue.
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