Prospective valuation amendment limits reassessment: unamended fair market value reference could not justify reopening based on a registered valuer's ...
Exemption for examination-related services rejected where recipients were commercial entities; suppression sustained extended limitation and penalties...
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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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