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...
Transfer of outstanding family loan balances to the proprietor's capital account was treated as a mere reclassification of existing credits, because no fresh cash was introduced in the year; section 68 therefore did not apply, and the addition was deleted. The Tribunal also found no evidence that the family creditors had waived recovery, so there was no cessation of liability to trigger section 41(1). On the separate entry for TDS and self-assessment tax, the movement was only a book adjustment with no undisclosed source shown and no deduction claimed, so neither section 41(1) nor section 68 was attracted. The additions were upheld as deleted.
Transfer of outstanding family loan balances to the proprietor's capital account was treated as a mere reclassification of existing credits, because no fresh cash was introduced in the year; section 68 therefore did not apply, and the addition was deleted. The Tribunal also found no evidence that the family creditors had waived recovery, so there was no cessation of liability to trigger section 41(1). On the separate entry for TDS and self-assessment tax, the movement was only a book adjustment with no undisclosed source shown and no deduction claimed, so neither section 41(1) nor section 68 was attracted. The additions were upheld as deleted.
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