Capital Gain Deductibility: proportionate IPO and PMS expenses held allowable against capital gains where netting and nexus to transfer are establishe...
Admissibility of Documentary Evidence: appellate authority may admit self explanatory documents on first production and uphold deletion of unexplained...
Subsequent registration under section 12AA was held to extend to a pending assessment under the proviso to section 12A(2) where the trust's objects and activities remained unchanged, so exemption was allowed notwithstanding the later registration date. Disclosed donation receipts, supported by books, donor details and sample receipts, were not treated as unexplained cash credits under section 68, and exemption for the income used for religious activities was upheld. The higher tax rate under section 115BBE was held prospective from 1 April 2017 and therefore inapplicable to A.Y. 2017-18, so the income could be taxed only under the normal provisions.
Subsequent registration under section 12AA was held to extend to a pending assessment under the proviso to section 12A(2) where the trust's objects and activities remained unchanged, so exemption was allowed notwithstanding the later registration date. Disclosed donation receipts, supported by books, donor details and sample receipts, were not treated as unexplained cash credits under section 68, and exemption for the income used for religious activities was upheld. The higher tax rate under section 115BBE was held prospective from 1 April 2017 and therefore inapplicable to A.Y. 2017-18, so the income could be taxed only under the normal provisions.
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