Retrospective cancellation of charitable registration under section 12AB(4) was unsustainable; related-party benefit allegations did not prove nongenu...
Merger control notice and disclosure rules: Supreme Court limits penalties, rejects reopening of approved combination, and sets aside adverse findings...
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Audited financial statements separately disclosed agricultural income and non-agricultural income, with the non-agricultural component offered to tax and the agricultural income claimed exempt. The Tribunal held that the first appellate authority proceeded on an incorrect factual premise in stating that no bifurcation existed. Because the audited statements were before the assessing and appellate authorities and the income and expenditure figures were not disputed, the claim of exempt agricultural income was accepted. The addition made by treating the agricultural income as business income was deleted.
Audited financial statements separately disclosed agricultural income and non-agricultural income, with the non-agricultural component offered to tax and the agricultural income claimed exempt. The Tribunal held that the first appellate authority proceeded on an incorrect factual premise in stating that no bifurcation existed. Because the audited statements were before the assessing and appellate authorities and the income and expenditure figures were not disputed, the claim of exempt agricultural income was accepted. The addition made by treating the agricultural income as business income was deleted.
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