S. 80IC : Special category States-Fall in gross profit rate-Diversion of profits to subsidiary-May require scrutiny at the hands of the subsidiary under section 80IA (10) and not the Assessee. [S,80IA(10)]
S. 80IC : Special category States-Fall in gross profit rate-Diversion of profits to subsidiary-May require scrutiny at the hands of the subsidiary under section 80IA (10) and not the Assessee. [S,80IA(10)]
S. 80IA : Infrastructure facility-Search and seizure-claim though not claimed in the original return filed before search-Assessee is entitled to the deduction. [S.80IA(4), 139(1),139(5), 153A]
S. 80G : Donation-Registration-After grant of provisional approval, the application cannot be rejected on the ground that the institution had already commenced its activities even prior to grant of provisional registration.[S.80G(5)(iv), Form No 10AC.]
S. 80G : Donation-Denial of registration-Delay in filing Form No.10AB for renewal-Circular 6/2023,-Directed to consider the registration on merits. [S.12AB, 80G(5)]
S. 80G : Donation-Denial of registration-The extended time limit of 30.09.2023 as per CBDT Circular 29 dated 24.05.2023 would apply to Form No.10AB-CIT(E) is directed to consider the application on merits without raising the issue of timeline. [S.80G(5)(iv), Form No 10AB, 10AC]
S. 69C : Unexplained expenditure-Income from undisclosed sources-Bogus purchases-Accommodation entries-Information from Sales Tax Department-Addition aat 12.5 Per Cent. of bogus purchases is held to be justified.
S. 69C : Unexplained expenditure-Commission-Bogus purchases and sales-Gross profit offered to tax-No separate addition can be made.
S. 69C : Unexplained expenditure-Bogus purchases-Purchases are recorded in the books and corresponding sales are accepted-The entire amount of alleged bogus purchases should not be added to income-Gross profit rate of 12.5% on such purchases is reasonable. [S.133(6), 147]
S. 69C: Unexplained expenditure-Income from undisclosed sources-bogus purchases-An addition of four percent of bogus purchases is held to be appropriate.[S.68]
S. 69C : Unexplained expenditure-The commission paid on bogus purchases and sales is covered by the gross profit already disclosed and offered to tax-No separate addition can be made. [S. 132, 133]