Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return filing...
Dispute Resolution Panel objections must reach both prescribed forums; otherwise assessment may proceed and statutory appeal remains the proper remedy...
An educational trust assessed as an Association of Persons may claim carry-forward and set-off of earlier years' excess expenditure over income, including depreciation, notwithstanding that it is not registered under section 12A or section 10(23C). The notes state that the claim must be examined under section 72, and absence of charitable registration alone does not justify denial. Set-off remains subject to fulfilment of the statutory conditions governing carry-forward and adjustment of losses.
An educational trust assessed as an Association of Persons may claim carry-forward and set-off of earlier years' excess expenditure over income, including depreciation, notwithstanding that it is not registered under section 12A or section 10(23C). The notes state that the claim must be examined under section 72, and absence of charitable registration alone does not justify denial. Set-off remains subject to fulfilment of the statutory conditions governing carry-forward and adjustment of losses.
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