Transfer pricing comparability prioritises reliable external CUPs and foreign-currency LIBOR benchmarks for exports, borrowings and delayed receivable...
Section 153C satisfaction and seized electronic records sustained unexplained-investment addition, subject to proportionate ownership-share verificati...
Natural justice in insolvency-professional discipline requires disclosed material; notices based on extraneous material and ignored defences are vitia...
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 4817 
Join Channel 
