Accreted income tax: additional charge at the maximum marginal rate where a charitable entity converts, merges improperly, or fails asset transfer. Amendment imposes an additional tax at the maximum marginal rate on the accreted income of a 'specified person' where it is converted to an ineligible form, merged with a non-specified entity, or on dissolution fails to transfer assets within twelve months; accreted income is FMV of total assets minus liabilities computed by prescribed valuation, with exclusions for assets acquired from exempt income, assets acquired before registration where no benefit was claimed, and assets transferred within the permitted period on dissolution. The term 'specified person' is defined to include approved clause 23C entities and trusts or institutions registered under sections 12AA/12AB.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Accreted income tax: additional charge at the maximum marginal rate where a charitable entity converts, merges improperly, or fails asset transfer.
Amendment imposes an additional tax at the maximum marginal rate on the accreted income of a "specified person" where it is converted to an ineligible form, merged with a non-specified entity, or on dissolution fails to transfer assets within twelve months; accreted income is FMV of total assets minus liabilities computed by prescribed valuation, with exclusions for assets acquired from exempt income, assets acquired before registration where no benefit was claimed, and assets transferred within the permitted period on dissolution. The term "specified person" is defined to include approved clause 23C entities and trusts or institutions registered under sections 12AA/12AB.
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