Authentication of paper assessment orders upheld, while qualifying repairs, consumables and vendor advance write-offs remain deductible business claim...
Transaction value cannot be rejected solely on non-statutory valuation guidelines without corroborative evidence supporting reassessment of final cust...
Cross-examination rights and corroborated evidence limit customs penalties for misdeclaration in genuine import transactions involving documented clea...
Page of 4782
Press 'Enter' after typing page number.
301 to 320 of 95636 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
Where depreciation is unavailable to a charitable trust under...
Charitable trust income application permits verified capital expenditure but rejects deferred pre-operative claims and requires reconsideration of consequential penalty.
Contents
Summary
Note
Bookmark
Share
✓ Copied successfully !
Print
Print Options
For full text, please login
Login to TaxTMI
Verification Pending
The Email Id has not been verified. Click on the link we have sent on
Where depreciation is unavailable to a charitable trust under the amended provisions, actual capital expenditure disclosed in the return must be considered as application of income, subject to factual verification and exemption conditions; the matter was remanded for this purpose. Pre-operative expenditure cannot be deferred and claimed in later years using commercial accounting principles, because trust income must be applied for charitable purposes in the relevant year, subject to statutory accumulation conditions. However, eligible expenditure actually incurred during the year may be allowed on verification. The consequential under-reporting penalty requires fresh adjudication after recomputation of the quantum assessment.
Where depreciation is unavailable to a charitable trust under the amended provisions, actual capital expenditure disclosed in the return must be considered as application of income, subject to factual verification and exemption conditions; the matter was remanded for this purpose. Pre-operative expenditure cannot be deferred and claimed in later years using commercial accounting principles, because trust income must be applied for charitable purposes in the relevant year, subject to statutory accumulation conditions. However, eligible expenditure actually incurred during the year may be allowed on verification. The consequential under-reporting penalty requires fresh adjudication after recomputation of the quantum assessment.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4782
Join Channel
TaxTMI 
