Allocation of registration charges: contractual clause overriding statutory presumption allowed as deduction against capital gain after unrebutted doc...
Expenditure tied to investments yielding exempt income restricted to attributable costs; broader disallowance disallowed and adjustments to WDV and mi...
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Form No. 10BB filing for exemption of an approved educational institution was treated as procedural and directory, not mandatory, where the audit report had been uploaded and was available when the return was processed and the return was filed within the extended due date; the rejection of the exemption claim was therefore set aside and the matter remitted for fresh consideration, including the assessee's condonation application if produced. The Tribunal also held that, if exemption is ultimately denied, income must be computed on commercial principles, expenditure cannot be disallowed as a prima facie adjustment under section 143(1), and the entire receipts cannot be assessed as income.
Form No. 10BB filing for exemption of an approved educational institution was treated as procedural and directory, not mandatory, where the audit report had been uploaded and was available when the return was processed and the return was filed within the extended due date; the rejection of the exemption claim was therefore set aside and the matter remitted for fresh consideration, including the assessee's condonation application if produced. The Tribunal also held that, if exemption is ultimately denied, income must be computed on commercial principles, expenditure cannot be disallowed as a prima facie adjustment under section 143(1), and the entire receipts cannot be assessed as income.
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