Belated Form 10B filing during Covid-19 cannot defeat charitable exemption where genuine hardship warrants condonation and substantial justice prevail...
Limitation for consequential assessments runs from prescribed authority receipt, while verified purchases cannot be disallowed merely for unanswered s...
Higher depreciation for qualifying commercial vehicles, exempt-income disallowance, research deduction verification, and club-expense treatment clarif...
Deduction for donation to a political party under section 80-GGC was denied because the assessee failed to prove the genuineness of the alleged contribution on the overall facts. Although the payment was routed through banking channels and receipts were produced, the Tribunal found these factors insufficient, noting material indicating circuitous donation transactions, absence of any supporting material showing the party's presence or nexus with the assessee, and the unusual circumstance that this was the assessee's only claimed philanthropic activity and a substantial profit-linked claim. The Tribunal upheld the disallowance. The challenge to initiation of penalty proceedings under section 270A was treated as premature and not entertained.
Deduction for donation to a political party under section 80-GGC was denied because the assessee failed to prove the genuineness of the alleged contribution on the overall facts. Although the payment was routed through banking channels and receipts were produced, the Tribunal found these factors insufficient, noting material indicating circuitous donation transactions, absence of any supporting material showing the party's presence or nexus with the assessee, and the unusual circumstance that this was the assessee's only claimed philanthropic activity and a substantial profit-linked claim. The Tribunal upheld the disallowance. The challenge to initiation of penalty proceedings under section 270A was treated as premature and not entertained.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4816 
Join Channel 
