Receipt of immovable property requires actual possession or enjoyment; redevelopment allotments exchanged for tenancy rights fall outside deemed incom...
Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
Voluntary contributions specifically earmarked for temple building construction and renovation were treated as corpus donations and therefore capital receipts. The Tribunal relied on donor lists, affidavits, receipts and audited accounts showing that the funds were received and applied for the stated construction purpose, and the Revenue did not rebut that material. It held that such earmarked corpus donations do not become taxable merely because the trust is unregistered under section 12A. Following prior ITAT authority, the addition for voluntary contributions was deleted as unsustainable.
Voluntary contributions specifically earmarked for temple building construction and renovation were treated as corpus donations and therefore capital receipts. The Tribunal relied on donor lists, affidavits, receipts and audited accounts showing that the funds were received and applied for the stated construction purpose, and the Revenue did not rebut that material. It held that such earmarked corpus donations do not become taxable merely because the trust is unregistered under section 12A. Following prior ITAT authority, the addition for voluntary contributions was deleted as unsustainable.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4807 
Join Channel 
