Incomplete documentation could mar exemption
A delay of 5 years and 10 months without any original supporting evidence or the instrument of formation of the…
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Today's
Club expenditure ......Read More
Yesterday's Profiteering is not permissible in the field of professional/educational courses ......Read More
Yesterday's Profiteering is not permissible in the field of professional/educational courses ......Read More
Corpus donation
The Delhi High Court in [2013] 1 ITR-OL 512 (Del) held that where a charitable organization received donations towards its…
......Read MoreWhat is agricultural land?
The Income tax Act does not define the term ‘agriculture’. The A O in Shankar Dalal v CIT [2017] 10…
......Read MoreHigh Court Supremacy over coordinate benches – different views different jurisdictions
With reference to claim for set-off of long term capital loss pertaining to the STT paid transfer of equity shares…
......Read MoreStrict rule to grant of IT exemption
Vide (2020)16 ITR-OL 394 the Gujarat high court held that at the time of registration of the trust under section…
......Read MoreTrust loosing exemption- wider and narrow view
Only because the trust deed indicates that the source of funds was only from school fees the Madras High Court…
......Read MoreOffering anonymous donations/unexplained sums as incomes has greater risks
During assessment of charitable institutions ( other than religious institutions) the assessee is expected to prove the identity, creditworthiness, genuineness…
......Read MoreExorbitant profiteering can derail exemption
The counsel for the assessee in Shalom Charitable Ministries of India v Assistant CIT (2020) 81ITR (Tri) 20 argued before…
......Read MoreSection 12A registration certificate is license to tax exemption for income receipts from non-members
The SC in CIT (Exemptions) v. IHC (2020) 424ITR325 following Delhi Gymkhana case ( 339ITR525) held that a registered society…
......Read MoreExemption u/s 54
Thje Kerala High Court in the case of ITO v. K.C. Gopalan (107TAXC591) held that there is no restriction…
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