Fair-rent assessment requires consideration of lease terms, valuation principles and prevailing market rent; the certificate was quashed for fresh rev...
Document Identification Number compliance is satisfied when electronically communicated orders are promptly authenticated through a correctly identifi...
Industrial shrimp-feed machinery classification follows its commercial function, placing integrated production plants under the specific industrial fo...
Violation of section 13 by a charitable trust does not require denial of exemption for its entire income. The notes explain that only income or property applied for the benefit of specified persons, including trustees, is taxable at the maximum marginal rate, while the balance remains eligible for exemption under section 11 subject to other statutory conditions. This position is supported by CBDT Circular No. 387 and the judicial authorities discussed. The assessment is therefore to be recomputed by restricting the denial of exemption to the value of any benefit conferred on trustees, rather than taxing the trust's entire income.
Violation of section 13 by a charitable trust does not require denial of exemption for its entire income. The notes explain that only income or property applied for the benefit of specified persons, including trustees, is taxable at the maximum marginal rate, while the balance remains eligible for exemption under section 11 subject to other statutory conditions. This position is supported by CBDT Circular No. 387 and the judicial authorities discussed. The assessment is therefore to be recomputed by restricting the denial of exemption to the value of any benefit conferred on trustees, rather than taxing the trust's entire income.
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