Treaty benefit, goodwill depreciation and hedging costs: export commission disallowed, while key business deductions and depreciation claims succeeded...
Undisclosed foreign asset classification requires an unexplained source; unrebutted affidavits and corroborative evidence defeated the Black Money Act...
Incidental micro-credit and financial facilitation by a charitable trust did not, by itself, negate charitable status for approval where the trust deed authorised self-help groups, micro-credit programmes and developmental initiatives. The Tribunal found no evidence of commerciality, profit-oriented conduct, surplus distribution or systematic business operations, and noted that the accounts showed no abnormal surplus while the reports reflected relief to the poor. It also relied on existing charitable registration as recognition of the trust's character. On that basis, the proviso to section 2(15) was held inapplicable and the rejection of approval was set aside.
Incidental micro-credit and financial facilitation by a charitable trust did not, by itself, negate charitable status for approval where the trust deed authorised self-help groups, micro-credit programmes and developmental initiatives. The Tribunal found no evidence of commerciality, profit-oriented conduct, surplus distribution or systematic business operations, and noted that the accounts showed no abnormal surplus while the reports reflected relief to the poor. It also relied on existing charitable registration as recognition of the trust's character. On that basis, the proviso to section 2(15) was held inapplicable and the rejection of approval was set aside.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4794
Join Channel
TaxTMI 
